Oaks Hotel’s $175M sale fails to settle
A famous Sydney pub will remain in the hands of the Thomas family after a $175 million buyout fell through.
The double-storey Oaks Hotel in Neutral Bay is one of Sydney’s most famous watering holes and was put on the market almost two years ago.
While there were several unsolicited approaches, Andrew Thomas recently confirmed the family had taken the venue off the market.
The family had waited almost 18 months for an unidentified local mystery purchaser to settle before making the decision.
“We have been here since 1975 and are happy to retain it,” Thomas told The Australian Financial Review.
“We’re undertaking a refresh and upgrade of some of the areas [of the hotel] ahead of spring and summer.”
Thomas was philosophical about the failure to settle.
“If it was meant to be, then it was meant to be. Who knows where the market is going at the moment? There are not many pubs for sale at the moment. Other publicans that were thinking of selling are holding on.”
In good news for the owners, The Oaks is doing better than last year.
“When things get tough with the economy, people tighten their strings and go back to the pub, which offer a bit of value.”
The Oaks is in one of Sydney’s most affluent suburbs and is famous for its beer garden and 80-year-old English oak tree.
It attracted attention from Justin Hemmes, who passed on the opportunity. The Laundy family also passed, however JLL confirmed in February 2023 that The Oaks had been sold to a mystery buyer.
The buyer was not, as rumour had it, Rick Stein or Mad Max director George Miller.
The purchase was meant to settle in March 2023 after an unconditional sales contract was signed, and a deposit paid. However, the buyers were unable to raise the funds needed to settle as rising interest rates and tougher trading conditions kicked in.
Agent JLL declined to comment.
Jonathan Jackson, 16th July 2024
