The Oaks hotel in Neutral Bay is officially on the market – and it can be yours for $175 million.
The iconic pub is being offered by its private owners of 50 years – the Thomas family – with patriarch David “Taffy” Thomas ready to hand over the keys to the prominent 2,188 sqm corner site.
The family’s ownership of the landmark pub commenced in 1975, when David acquired the leasehold – with support from his mother Alala – from Tooth and Co for just $230,000.
The 80-year-old Oak tree has long been a meeting place for Sydney residents.
For half a century the Thomas’ have meticulously expanded the famous watering hole, undergoing several refurbs including a multi-million dollar upgrade in 2019 that was featured in Vogue Living magazine.
The sprawling pub, with its 80-year-old Oak tree serving as a meeting point for generations of drinkers, represents one of Australia’s “largest multifaceted hotels,” John Musca from JLL Hotels & Hospitality Group said.
he Oaks is set to achieve a record price of $175m, making it the most expensive hotel sale in Australian history.
“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,” Mr Musca said.
Unlike other asset-classes, the hotel market has continued to soar, with nearly $2 billion of capital flowing into the sector in the past 12 months and trade rebounding strongly from COVID-19 challenges.