By Andrew Starke
The Harp Hotel in Wollongong has sold at auction for $7.8 million a little over four months after receivers were appointed to manage the property.
Property agency Knight Frank said the auction was strongly contested after a second Wollongong pub, the Glasshouse Tavern, was recently sold for an undisclosed price to a local publican.
RDL Investments NSW Pty Ltd, which previously owned both pubs, went into receivership in November last year.
The company had sold off three of its nightclubs to lower debt levels but this was not enough to appease the Westpac Bank, which appointed KordaMentha as receivers.
RDL Investments also owns the Commercial Hotel at Port Kembla which is close to a deal near the asking price of $1.8 million.
A private local investor acquired the Harp Hotel, a two-story brick freehold property which is in the heart of the CBD, surrounded by shopping malls and close to the beach.
Located on 1,815 square metres at 121Corrimal St, the property has 21 motel units, plus residence and 16 gaming machines, with an approximate yield of 15 percent.
It also has a late trader and entertainment license.