By ANNA USHER

One of Sydney’s most iconic drinking holes has fallen into receivership and is on the market just four years after re-opening.

The Pickled Possum, located at 254 Military Rd, is being offered for sale by an Expressions of Interest campaign, with a price guide around $2.5 – $3 million.

Under instructions from Receivers and Managers FTI Consulting, the lower north shore institution will be sold as a parcel comprising the building and the business.

Named after possums that used to hang over the door frames, the dingy drinking hole opened in 1981 and is famous for its sticky carpets, dodgy décor, esky’s filled with beer and a vast selection of Karaoke songs.

Originally owned by John Oseckas and Margurite Smith, the couple purchased the Possum’s two-storey building on Military Road in 2002 for $913,000.

The 164 sqm site, with a two-bedroom apartment upstairs, was then bought in 2021 by Robert “Possum Bob” Patterson.

In 2023, Mr Patterson submitted plans to North Sydney Council for a 78-room boarding house at 246-254 Military Rd, which was refused in November 2024.

The Pickled Possum is being now being offered as a Freehold interest with a 2am extended trading license, and a “clear and obvious upside via renovation and refurbishment.”

HTL Property has been appointed to steer the sale process.

“It is anticipated that it will appeal to a broad range of hospitality buyer segments including hoteliers, restaurateurs, bar operators, craft beer brewers, wineries, and even spirits distillers,” HTL Property Director Sam Handy said in a statement to Mosman Collective.

“The Pickled Possum is a much-loved and cherished late-night bar that has entertained several generations of patrons,” he said.

“We anticipate intense interest in this asset given not only the sentimentality that is attached to it, but also its compelling underlying land, building and business fundamentals,” he added.

Initial potential planning and architectural commentaries for an amalgamated site have been undertaken and are available for prospective purchasers.

Vacant possession is being offered, with the agents noting that the existing tenant is extremely motivated to negotiate a new lease if the incoming owner is an investor seeking a passive income.

Current Licensee Johan Kur told Mosman Collective he has “no plans” to close the doors, and will continue to trade as per his lease agreement.

“The Pickled Possum is very much open every Wednesday to Saturday from 6pm to 2am, and we will do our best to keep the business running under a new owner.”

The Pickled Possum is being sold via Expressions of Interest, with the campaign scheduled to close at 5:00pm on Thursday, 7 August 2025.

For more information contact Sam Handt at HTL on 0412 590 509 or [email protected]