Parking Fine Explosion: North Sydney Council issues one ticket every NINE minutes.Last drinks? Iconic Pickled Possum in Neutral Bay hits the market after falling into receivership.
Neutral Bay’s Pickled Possum is on the market after falling into receivership.
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 million.
The Pickled Possum is being sold under instructions from Receivers and Managers FTI Consulting.
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 bought in 2021 by Robert “Possum Bob” Patterson.
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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.
Bob Patterson (left) with original owner John Oseckas. Image: Mosman Collective.
“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.
The Possum is famous for its sticky carpet, extensive Karaoke list, and esky’s on the bar.
Initial potential planning and architectural commentaries for an amalgamated site have been undertaken and are available for prospective purchasers.
Vacant possession is being offered for sale, 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.
The Pickled Possum is being sold via Expression 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]
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