Chef Rick Stein rumoured to have bought the Oaks pub in Neutral Bay Sydney for up to $175million
Rumor has it that celebrity chef Rick Stein bought one of Australia’s most famous pubs for up to $175 million
- Rick Stein is reportedly buying pub
- The Oaks hotel was sold last month
- It was for sale for $175 million
Rumor has it that celebrity chef Rick Stein is part of a consortium that took over a popular Sydney pub that sold for $175 million.
The 76-year-old is rumored to be among a group of investors who bought the Oaks Hotel in Neutral Bay, in the north of the city, after it hit the market last August with a record price tag.
The TV star, one of England’s hottest chefs, splits his time between the UK and Australia and was in Sydney last month at the time of the sale.
If the asking price were met, it would be the highest ever paid for a pub, surpassing the record $160 million sale of The Crossroads Hotel in Casula early last year.
An unnamed hotel insider claimed that the famous restaurateur bought the pub with his business partners, the Mosman daily reported.
Renowned British chef Rick Stein (pictured, with his Aussie wife Sarah) splits his time between the UK and Australia and was in Sydney last month at the time of the pub sale
He is rumored to have bought the Oaks in Sydney’s Neutral Bay (pictured) with a pool of investors after it went on the market last August with the record $175 million price tag
JLL Hotels and Hospitality Group, which managed the sale, reported that the hotel had been sold to a local family and longtime patrons of the pub, fueling rumors that the Steins were behind it.
Mr Stein shares a home in Neutral Bay with his Australian wife Sarah whom he married in 2011 and who has owned the property since 2008. The names of both properties are also on the title.
There were also reports that the new cafe owners were involved in the film industry.
But JLL general manager John Musca declined to confirm who the new landlords were due to confidentiality clauses.
It wouldn’t be the first time Mr. Stein has invested in hotels near where he has a home.
The seafood specialist opened a restaurant at the luxury hotel Bannisters by the Sea in Mollymook on the south coast of NSW in 2009 – where he owns a residence.
He then launched Bannisters in Port Stephens in 2018, with both high-end restaurants featuring an extensive seafood menu.
The Oaks pub (pictured) occupies 2,188m2 of land and has a zoning plan allowing for a development of up to five storeys, subject to council approval
The beloved pub on Neutral Bay’s main street (pictured) was expected to sell for at least $175 million last month
Meanwhile, the Oaks pub in Neutral Bay came to life in 1880 and was the first hotel to open on the Military Road site – before brewery Tand & Co built the current Art Deco building in 1938.
The beloved watering hole has become an institution for affluent Sydneysiders on the lower north coast and is known for its 80-year-old English oak in the beer garden.
The pub occupies 2188m2 of land and has a zoning plan that allows for a development of up to five storeys, subject to council approval.
Family patriarch David ‘Taffy’ Thomas acquired the pub in 1975 and eventually passed the business on to his son Andrew.
The sports bar is named in honor of Taffy, while another bar, named after the late Crocodile Dundee actor John Meillon OBE, has been frequented by hundreds of well-known identities and sports stars over the years.
Andrew Thomas said at the time that the family felt it appropriate to move on after a spate of unsolicited approaches.
“We will leave the Oaks with fond memories and many friends… It has a very special place in the Australian hotel landscape and we look forward to its next incarnation under the new management,” he said.
The new owners will take over next month.