Although The Oaks Hotel on Sydney’s lower north shore was put up for sale by generational custodians the Thomas family in August 2022, with a would-be record-breaking price of $175 million, the iconic Neutral Bay venue has failed to take the title of most expensive pub deal in Sydney.
That isn’t to say The Oaks Hotel finally being sold to an undisclosed local family – not Justin Hemmes, mind you – isn’t impressive. The pub managed to scrape in $150 million, just $10 million short of the sum former Sydney lord mayor Nelson Meers paid for the Crossroads Hotel in Western Sydney. That makes it the second most expensive pub deal in Sydney history, reflecting an emerging trend of Sydney’s most successful publicans parting ways with their babies after decades of ownership.
As Sydney Morning Herald report, the agent for the Oaks Hotel sale, JLL Hotel’s John Musca, has refused to disclose who exactly the new owner is. In a prepared statement, he said that the legendary pub was sold “to a local family and long-time patrons of The Oaks.”
The sale is expected to settle soon, officially taking The Oaks Hotel from current owner David “Taffy” Thomas after his family served as owners for five decades.
Throughout the years, The Oaks Hotel has become one of the most popular pubs in Sydney, centred around its distinctive 80-year-old oak tree which defines the sprawling beer garden.
As per SMH, the only speculation as to the identity of this mystery buyer places the prospective owner in the Australian film industry. Beyond that, there is no evidence that points towards the identity of the buyer.
Importantly, the pub comes with mixed-use zoning and favourable planning guidelines, with space to potentially add up to five levels to the site. Whether or not the new owners plan to take advantage of this generous allowance remains to be seen but it’s fairly safe to say at least some meaningful changes, beyond just ownership, will impact the way The Oaks Hotel looks moving forward.
