A landmark pub on Sydney’s prestigious Lower North Shore is reported to have been sold to a mystery buyer in a deal believed to be around $120 million.
9News understands the hotel sold below the asking price of around $175 million, which, if attained, would have been a record price for a pub.
Agent for the sale, JLL Hotel’s John Musca, confirmed the sale to The Sydney Morning Herald but declined to name the buyer, while confirming they were local.
“I can confirm it has sold to a local family and long-time patrons of The Oaks,” he said in a statement.
“It is expected to settle soon, and you will see continuity of this wonderful, community business.”
The pub, on the busy Military Road, is famous for a giant oak tree where patrons meet.
It has been owned by the Thomas family since 1975, when David “Taffy” Thomas bought the 2188-square-metre property for $230,000 .
Inside Australia’s top 10 most expensive property sales of 2022
The pub has since undergone major refurbishments, including a major renovation of the two main bars in 2019.
