Sydney’s famed The Oaks Hotel in Neutral Bay is going to market and the pub sale price is predicted to be a whopping $175million, a new national record.
The pub is being offered for sale by its private owners of 50 years – the Thomas family – and marketed by JLL Hotels & Hospitality Group.
The property is located prominent 2,188sqm site with B4 Mixed Use zoning and planning guidelines allowing for up to a 5-storey development (STCA). The venue includes Taffy’s Sports Bar, Alala’s Cocktail Bar, Bar & Grill Restaurant, a large beer garden, gaming room with 30 poker machines, extensive first floor function spaces and a high-end retail bottle shop.
JLL Managing Director John Musca saidL “As in all real estate sectors the premier assets often only come to market once in a lifetime, which is even more prevalent in the highly protected hotel industry where assets of this scale and quality will simply never be approved or replicated again in high-end Sydney demographic locations – we’re fundamentally talking about one of the very best hotels in the asset class.”
Family representative Andrew Thomas said: “On the back of a spate of unsolicited approaches it just feels like the right time for the family to move on and we’ll leave the Oaks with fond memories and many friends… It holds a very special place in the Australian hotel landscape, and we look forward to seeing its next incarnation under the new custodians.”
The family will remain in the pub game with their ongoing ownership of the Winston Hills Hotel and The Entrance Hotel.
Expressions of interest for the Oaks will close at 4pm AEST on 6 September 2022.