Gallaghers buy Neutral Bay’s Oaks Hotel
Patrick and Angela Gallagher have bought the Oaks Hotel in Neutral Bay, ending about five decades of ownership by the Thomas family.
Via Gallagher Hotels, the pair are paying $140 million for large-format venue.
The freehold going concern was previously reported to have sold three years ago for $175m.
On 2188 square metres zoned B4 Mixed Use, the holding holds development upside.
The improvement includes multiple bars, a restaurant, function space and large beer garden.
There is also a gaming room with 30 electronic gambling machines.
David ‘Taffy’ Thomas acquired a leasehold interest in 1975 from Tooth & Co., with the family subsequently expanding and repositioning the venue over time (continues below).
The freehold component and broader holding have since been consolidated.
JLL’s John Musca and Ben McDonald were the agents.
The divestment closes a long-held position in one of Sydney’s better-known suburban hotels, with the asset now set for its first change of control in nearly 50 years.
Gallagher Hotels said the Oaks would be integrated into its Sydney portfolio.
The group has been an active buyer of metropolitan pubs in recent years, targeting assets with trading depth and redevelopment optionality.
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