Sydney’s best-known bars are for sale

0

For the For the first time in nearly fifty years, one of Sydney’s best-known bars is up for sale, and the asking price is set to break records.

The owners of the Oaks Hotel in Neutral Bay are accepting expressions of interest with a record price of $175 million, which is expected to spark a bidding war between pub moguls.

It will be the highest price ever paid for a pub and surpass the record $160 million sale of The Crossroads Hotel in Casula earlier this year if the new owners buy the beloved bar for nearly the asking amount.

Before the brewing company Tooth & Co. built the current Art Deco hotel in 1938, the original hotel on the Military Road site opened in 1880.

The Lower North Shore establishment, a favorite haunt of wealthy Sydneysiders, is known for its 80-year-old English oak in the beer garden.

David “Taffy” Thomas, the father of the family, bought the bar in 1975 and later transferred ownership to his son Andrew.

The sports bar is named after Taffy, while another bar bearing the same name as the late Crocodile Dundee actor John Meillon OBE has been frequented by hundreds of VIPs and celebrities over the years. famous athletes.

The Oaks has potential to grow up to five stories and underwent major $6 million repairs three years ago.

According to Andrew Thomas, the family decided it was time to move on after receiving numerous unsolicited advances.

“We will leave the Oaks with many friends and fond memories…”

We look forward to seeing it in its next form under the new custodians as it retains a very strong place in the Australian hotel landscape,” he said.

On behalf of the family, the sale is being handled by LL Hotels & Hospitality Managing Director John Musca and Senior Vice President Ben McDonald.

“Owning an iconic hotel pub is actually considerably more rewarding and exciting than any other type of investment,” Mr. Musca added, for people who have amassed wealth in mining, media, software, logistics or any other sector.

In the highly hedged hospitality industry, where assets of this scale and quality will never again be trusted or replicated in Sydney’s upscale demographics, prime assets often only come to market once only once in a lifetime.

Essentially, we are talking about one of the best hotels in the asset class.

The Entrance Hotel on the Central Coast and the Winston Hills Hotel in Western Sydney are the only two pubs owned by the Thomas family not currently on the market for sale.

Declarations of Interest close September 6.

Share.

Comments are closed.