Popular Neutral Bay pub sold for up to $150 million

The Oaks Hotel on Sydney’s lower north shore has been bought by a mystery buyer who laid down between $120 million and $150 million for the popular pub.

The high-net-worth buyer will take ownership from the Thomas family, who put the venue on the market in August last year for a $175 million – a price tag that would have made it the highest price ever paid for a pub in Sydney.

The buyer is not Justin Hemmes, but the sale does highlight the current appetite for Sydney pubs which includes the $150 million purchase of the Crossroads Hotel in the western suburbs by former Sydney lord mayor Nelson Meers.

MA Financial has also said it was not involved.

“[We] can confirm it has sold to a local family and long-time patrons of The Oaks.

“It is expected to settle soon, and you will see continuity of this wonderful, community business,” agents for the sale, JLL Hotel’s John Musca and Ben McDonald said in a statement.

The Neutral Bay pub is famous for an 80-year-old oak tree that dominates the beer garden.

The pub was purchased by the Thomas family in 1975 and was renovated in 2019 under the guidance of Oaks Hotel owner David “Taffy” Thomas.

“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,” Thomas said.

Jonathan Jackson - 28-2-23