Revealed: Australia’s 50 most valuable pubs

“Pubs are underpinned by incredible real estate value and great cash flow,” says Stuart Laundy, whose family owns a vast portfolio of pubs through its Laundy Hotels vehicle. “They’re also an extremely fun business.”

Andrew Jolliffe, one of the country’s top pub brokers and the managing director of HTL Property, says the price of hotels has risen more than any other type of commercial real estate over the past decade.

“Strong population growth against the backdrop of a comparatively static number of licences being issued highlights the sustainability of pub values,” he says.

There’s also the folklore – deeply etched in the Australian psyche – attached to owning a trophy pub that’s fuelled the surge in pricing when competing for the best assets.

As David Harrison, chief executive of Charter Hall, the country’s biggest pub landlord, put it at the Financial Review Property Summit last month, “I think everyone grows up thinking they want to represent Australia at the Olympics or own a pub.”

But which are the country’s most valuable pubs?

AFR Weekend has, with the help of some of the biggest pub realtors, valuers and owners, compiled the definitive list of the fifty most expensive. They include eight venues that would be worth more than $200 million if sold today, along with dozens of others that have sold recently at bumper prices.

The $200 million club

While the majority of the fifty most valuable pubs have been included based on verifiable sales data, some of the country’s biggest and best venues stand out for a different reason – their sheer value. These venues don’t have valuations that have been tested by the market (and may never be) but are worth more than $200 million according to AFR Weekend’s panel, which includes the country’s two leading brokers, HTL Property and JLL.

Ivy Precinct (Sydney CBD)Owner/operator: Merivale

A multi-story entertainment mecca that opened in 2009, Ivy Sydney includes one of the city’s trendiest nightclubs, a rooftop pool and a host of restaurants, bars and cafés running down the Ash Street laneway. They include French brasserie Felix and Italian wine and cocktail bar Totti’s. Since 2015, owner Justin Hemmes’ Merivale has entertained plans to redevelop the massive commercial, hotel and hospitality venue. In September, the Ivy Precinct’s land value alone was disclosed by Hemmes at over $500 million as part of a lawsuit filed against Sydney Metro.

Establishment Bar & Restaurant (Sydney CBD)Owner/operator: Merivale

Further down George Street en route to Circular Quay is Merivale’s entertainment haven Establishment Bar & Restaurant, where enormous Romanesque columns line the walls leading revellers to a 42-metre-long marble bar. One of Sydney’s first multi-venue precincts when it opened in 2000, Establishment remains a favourite of the after-work white-collar crowd. It includes a hatted sushi restaurant, prohibition-style subterranean speakeasy bar and aptly named cocktail lounge, Hemmesphere.

Coogee Pavilion (Sydney)Owner/operator: Merivale

Another Merivale venue, the Coogee Pavilion is a three-storey seaside drinking and dining mecca overlooking Coogee Beach in Sydney’s east. The building itself has a colourful history dating to the late 19th century when it opened as an aquarium – where a tiger shark regurgitated up a human arm in an infamous 1935 murder case.

Justin Hemmes paid $37 million for the property in 2015 following a stoush with the previous owner, investment banker David Kingston. Similar in scope to the Ivy, the Coogee Pavilion serves family fare on the ground floor, with the decadent restaurant Mimi’s on the level above. The rooftop is a bar devoted to larger parties.

Crossroads Hotel (Sydney)Owner/operator: Sonnel

The Crossroads Hotel in Casula on the south-western outskirts of Sydney gained unwanted notoriety as the site of a COVID-19 outbreak in July 2020. However, these days it is best known as Australia’s most expensively traded pub after selling for $160 million in April 2022. Originally built as the Talbot Inn in the 1830s, the pub gained its present name from its location at the intersection of Hume Highway and Camden Valley Way. Having undergone an extensive renovation in 2017, it has one of the busiest pub bistros in the country as well as accommodation. However, much of its value lies in its 30 poker machines. The Crossroads ranks fourth in NSW on a net profit per gaming machine basis.

Coogee Bay Hotel (Sydney)Owner/operator: C!NC

First a school, this property became a hotel in 1973. Built around a central garden, it was called Australia’s most beautiful seaside retreat in the 1920s. In 2014, the Cheung family’s C!NC paid just $14 million for the Coogee Bay Hotel, buying it from Sydney bookmaker Terry Page. Since then, its value has risen exponentially following a series of upgrades and expansions into a village-within-a-village. Its valuation is underpinned by its sitting on almost a hectare of prime land overlooking cosmopolitan Coogee Beach. The hotel’s sprawling beer garden is a favourite of the post-sunbaking crowd. There are also numerous bars to choose from, stylish accommodation rooms and an events centre.

The Fiddler (Rouse Hill)Owner/operator: Lewis Land Group

A legendary Irish-themed pub in the Hills District in Sydney’s north-west, the Fiddler on the corner of Windsor Road and Commercial Road dates back to 1829 when it was known as the Royal Oak Inn. The heritage-listed hotel was built in the classic Georgian style out of sandstone. Over the decades it has had numerous name changes – Queens Arms Inn, Mean Fiddler – and undergone substantial redevelopment including the addition of a motel in 1996, a courtyard bar in 2002 and a restaurant in 2003 when it was bought by developer Bernard Lewis from long-time owner Briege Tuite. There’s also plenty of value in its 30 poker machines, which rank the pub among the fifty most profitable in NSW.

Hotel Steyne (Sydney)Owner/operator: Iris Capital

One of the oldest pubs in Manly – the original hotel on the site dates back to 1859 – the Hotel Steyne has been serving pints on the Corso for over 160 years. It was rebuilt in 1864 and again in 1923 after a mysterious fire and then remodelled by brewer Tooth & Co in 1936.

The venue was purchased in 2010 for $27 million by a consortium including businessmen John Singleton and Arthur Laundy. Millions of dollars have since been poured into refurbishing the three-level hotel, including adding upmarket features such as The Glasshouse with its gin and tonic bar and luxury accommodation. Its best attribute is undoubtedly its rooftop bar with views over Manly Beach.

The Oaks Hotel (Sydney)Owner/operator: Thomas family

The Oaks Hotel in Neutral Bay has been a favoured spot for business lunches, social gatherings or just a pint under the English Oak tree in the beer garden for decades. The Oaks dates back to 1938 when it was built by brewing company Tooth & Co, although the first hotel on the site opened in 1880. Its popular garden lounge opened in the late 1950s. The Oaks was extensively renovated in 2019 by the Thomas family. Two years ago, after almost 50 years of ownership, the family put The Oaks on the market for a record $175 million. A local buyer was secured at close to the asking price, but the deal did not settle.

The (42) most expensive pubs

The following hotels have achieved the highest publicly disclosed prices in the country. There are a number of high-profile hotels that have not sold for many years, which could be worth significant amounts of money – including the Golden Sheaf in Sydney’s east, which last traded in 2014 for $41 million. It was renovated after being acquired by businessman Vaughan Blank. Another example is the Portsea Hotel on the Mornington Peninsula. It last sold for just over $15 million in 2015, but many valuers expect it could be worth more than $100 million after extensive renovations.

Watsons Bay Boutique Hotel (Sydney)Owner/operator: Laundy HotelsLast traded for $110 million in 2023

Offering views of bobbing yachts and the city skyline, and multiple drinking and eating spots to enjoy them from, the Watsons Bay Hotel is not surprisingly one of the trendiest venues in Sydney’s affluent east. Alongside colourful umbrellas and shady picnic benches, maritime flags flapping in the breeze and other ephemera give the 1937 hotel – which was extensively renovated in 2013 – a distinctly nautical flair.

Beach Hotel (Byron Bay)Owner/operator: MA FinancialLast traded for $104 million in 2019

An iconic venue opposite Byron Bay’s Main Beach on the NSW north coast, the Beach Hotel was developed by John “Strop” Cornell, who produced and co-wrote the hit movie Crocodile Dundee in 1986 with its star, Paul Hogan.

Previous owners of the outdoor-focused, live music venue include Gold Coast property developer Max Twigg, Melbourne’s wealthy Liberman family, who removed the pokies and turned the focus to food, and Melbourne restaurateurs and hospitality figures John and Lisa van Haandel. Fund manager MA Financial paid a then-record $104 million in 2019.

Strathfield Hotel (Sydney)Owner/operator: Iris CapitalLast traded for $80 million in 2022

Dating back to 1918, the three-level pub was built by John Whelan just after the end of World War I and following the commencement of construction of the railway line between Sydney and Parramatta. Financed after Whelan took a bet on a cargo of Scotch whiskey thought lost at sea, the hotel was owned and operated by multiple generations of the Whelan family for more than 100 years before it was sold to businessman Sam Arnaout’s Iris Capital in 2022. Alongside a 2am liquor licence, there are 30 lucrative poker machines, ranking the hotel as the 59th most profitable gaming pub in the state. It sold two years ago with approved plans in place for a mixed-use development comprising 60 apartments and 14 hotel rooms.

Tea Gardens Hotel (Sydney)Owner/operator: Ryan’s Hotel GroupLast traded for $75 million in 2024

A popular haunt for British and Irish backpackers, the multi-storey art deco hotel next door to Westfield Bondi Junction has a lucrative trading licence that allows it to start pouring beers from 7am from Monday to Saturday, and close late – 2am from Thursday to Saturday. Built in the 1940s, it includes a VIP gaming room with 30 poker machines, a main bar on the ground floor, a balcony with a cocktail bar, an indoor lounge, and a front balcony overlooking Bronte Street. There’s also an outdoor deck at the back that gets very busy on the weekend.

Eastwood Hotel (Sydney)Owner/operator: SonnelLast traded for $70 million in 2024

This art deco hotel was built by brewer Tooth & Co in 1939 and last renovated in 2018. It includes 30 pokies and ranks 37th most profitable on a per-machine basis. It includes a lively sports bar, a family-friendly bistro, as well as spacious indoor and outdoor areas. There are also regular live music shows as part of a busy social events calendar.

The Vineyard Sydney (Sydney)Owner/operator: Eastern Hotel GroupLast traded for $68 million in 2021

An outer Western Sydney megapub with a horse statue outside the front, The Vineyard Sydney occupies a huge site about an hour from the Sydney CBD. The pub includes 57 motel rooms and development approval to add another 84 rooms on vacant land.

The first phase of a major expansion was completed this year, adding a new bar, bistro and beer garden extension, kids’ play area, and a new drive-through bottle shop. There are also 30 gaming machines to keep the punters coming back.

Hotel Brunswick (Brunswick Heads)Owner/operator: MA FinancialLast traded for $68 million in 2021

The quintessential local pub, the heritage-listed pub with its imposing face brick facade is a local live music hotspot whilst also laying claim to having the best beer garden on the NSW north coast.

The hotel was previously owned by actor and writer John Cornell and former Nine Entertainment boss David Gyngell before it was snapped up by an investment fund managed by ASX-listed MA Financial in late 2021. The hotel dates back to 1940 when it was built by Jim Cavill, the hotelier who pioneered Surfers Paradise. For a long time, the freehold was owned by Toohey’s Brewery.

Pendle Inn Hotel (Sydney)Owner/operator: Duggan Family HotelsLast traded for $66.5 million in 2021

Built in the 1950s about 30km west of the Sydney CBD, the Pendle Inn Hotel has had only two owners in its 74-year history. A big community pub, the hotel features a recently renovated child-friendly bistro area fitted with a retractable roof and a massive screen televising the latest sporting events. The hotel sits on prime land opposite Pendle Hill railway station and has 30 poker machines as well as a drive-through bottle shop and accommodation.

Hotel Esplanade (Melbourne)Owner/operator: Cohen family/Australian Venue CoLast traded for $64 million in 2022 (freehold only)

The Espy, a grand Victorian and art deco building overlooking St Kilda Beach and Port Phillip Bay, dates back to 1878. Originally built as the home of wealthy philanthropist and National Gallery of Victoria benefactor Alfred Felton, it became the Carlyon’s Esplanade Hotel in the 1920s as major extensions were made – including adding a ballroom, larger lounge room and grand staircase.

It was a disco venue in the 1970s and was saved from demolition in the 1990s to become a live music venue. The hotel was extensively redeveloped in 2017 with the addition of numerous bars and restaurants.

Carousel Inn (Rooty Hill)Owner/operator: Solotel GroupLast traded for $62 million in 2021

The Carousel Inn is a big gaming venue in the Sydney western suburb of Rooty Hill. It is well known for the outdoor events that spill out onto the car park. There is also an outdoor beer garden, sports bar and bottle shop with 30 poker machines.

Crown Hotel (Brisbane)Owner/operator: Hotel Property Investments/Australian Venue CoValued at $61 million as of 2024

A landmark in Brisbane’s inner north since it was built in 1881 for the publican Charles Stott, this hotel has undergone numerous additions and alterations but retains many of its original features, including its arched windows. In 2021, operator Australian Venue Co temporarily closed the Crown Hotel for a $2.4 million refurbishment that created a new beer garden, heritage pavilion and a revamped main sports bar.

The Mona (Sydney)Owner/operator: Laundy HotelsLast traded for $60 million in 2023

Built as the Old Rex Hotel in 1925, this destination pub on Sydney’s northern beaches rebranded from The Park House to The Mona in October following a major refurbishment. With its palm trees, cactus plants and beach shack-style architecture, the hotel exudes a laid-back, surf culture vibe. Under the ownership of the Laundy family, both the beer garden and backyard have been upgraded to cater for live music and sporting events, while there is also a bakery café that pivots into a pizzeria at lunchtime.

The Regatta Hotel (Brisbane)Owner/operator: Hotel Property Investments/Australian Venue CoValued at $60 million as of 2024

A stunning heritage-listed Victorian hotel, the Regatta Hotel rises three levels with its wrought iron-laced verandahs offering views of the Brisbane River. Built in 1874, the hotel includes a sports bar and numerous dining spaces such as the Boatshed Restaurant and River Road Café. A local favourite is the Walrus Club and Whiskey Bar. It also has its own CityCat terminal that takes punters directly to the hotel on Brisbane’s river ferries.

New Victoria Tavern (Sydney)Owner/operator: SonnelLast traded for $60m in 2022

The New Victoria Tavern is a large, modern gaming and sports pub set within an industrial estate in the greater west of Sydney. Its gaming lounge has 19 machines. There are outdoor seating, live music and a courtesy bus to ferry in the punters.

Rydalmere Tavern (Sydney)Owner/operator: Eastern Hotel GroupLast traded for $60m in 2022

Built in 2017 with an industrial feel, the Rydalmere Tavern is a big gaming and sports bar with 30 gaming machines. There is also a bistro.

Albion Hotel (Sydney)Owner/operator: Pic Royal Investments/SolotelLast traded for $60m in 2017

The two-storey Albion Hotel stands on a huge site on the corner of George and Harris Streets overlooking the Parramatta River. Known by locals as Albie’s, it was built in 1924 replacing an earlier hotel dating back to 1882. Operated by the Solomon family’s Solotel Group since 1986, the venue includes a bistro, beer garden and gaming room with 30 machines. On the weekend it takes on a nightclub vibe with DJs and live music. The hotel’s freehold was purchased by Singaporean investors in 2017.

The Mill Hotel (Sydney)Owner/operator: Marlow Hotel GroupLast traded for $60m in 2022

A big western Sydney pub in an industrial estate just east of Liverpool, the Mill Hotel includes a bistro, function rooms and newly upgraded accommodation suites. There’s also a gaming room with 26 machines.

Hotel Illawong (Evans Head)Owner/operator: Laundy HotelsLast traded for $58.3m in 2023

Surrounded by beaches, national parks and the Evans River, Hotel Illawong is the local watering hole for many in the Northern Rivers region of NSW. It is also the only pub in the coastal town of Evans Head, which lies an hour south of Byron Bay and 30 minutes from Ballina Airport. Set on a 2200 square metre site, the hotel includes 15 gaming machines, 18 accommodation rooms and an attached retail store.

The Ivanhoe Hotel (Sydney)Owner/operator: Iris CapitalLast traded for $57 million in 2021

The three-level pub with a heritage facade on Manly’s Corso strip dates back to 1901. The once daggy hotel still has 30 gaming machines, but has been substantially renovated and now exudes a Hamptons-inspired coastal beach vibe with open-air courtyards at ground level, a surf clubhouse-style bar on level two and an open-air rooftop to enjoy a cocktail and take in the views.

The Cambridge Tavern (Sydney)Owner/operator: Iris CapitalLast traded for $56 million in 2019

The Cambridge Tavern is a single-level gaming and sporting pub opposite Fairfield train station. The pub has 30 gaming machines and is ranked the 19th most profitable in NSW based on state government figures.

Lidcombe Hotel (Sydney)Owner/operator: Lesday Hotel GroupLast traded for $54 million in 2018

The Lidcombe Hotel is a heritage pub built in 1930 that is now one of Sydney’s top gaming venues. Though refurbished, the two-storey corner venue still retains much of its charm and its art deco facade. It offers 30 gaming machines and ranks as the 18th most profitable in NSW.

Castle Hill Tavern (Sydney)Owner/operator: Endeavour Group/Australian Leisure and HospitalityLast traded for $54 million in 2007 (freehold only)

The Castle Hill Tavern is a gaming pub built in 1982 that includes a bistro, beer garden and corporate and private function rooms. Its gaming room has 30 machines, while patrons can shoot pool in the sports bar.

Port Macquarie Hotel (Port Macquarie)Owner/operator: Jim KnoxLast traded for $53 million in 2022

The heritage-listed hotel on the Port Macquarie waterfront dates back to 1939. The art deco, two-storey hotel includes gaming machines, a drive-through bottle shop, a restaurant and accommodation.

Hurstville Ritz Hotel (Sydney)Owner/operator: Sonnel HospitalityLast traded for $52.5 million in 2022

Originally built in the 1880s, the two-level pub was given an art deco facade in the 1930s and renovated in the 1990s. It was twice owned by former Newtown Jets front-rower Steve Bowden.

The Ritz was recently revamped with the creation of a pizza restaurant with a wood-fired oven. There is accommodation, a garden and a gaming room with 30 machines. The Ritz ranks as the 31st most profitable in NSW on a per-gaming machine basis.

Mt Annan Hotel (Sydney)Owner/operator: DHI HotelsLast traded for $52 million in 2023

The Mount Annan Hotel is a large gaming venue in south-west Sydney. It features a large sports bar, TAB facilities, casual dining and a gaming room with 30 machines. New owner and operator DHI Hotels is controlled by Nicole De Angelis-Hood, the niece of pub baron Arthur Laundy.

Windsor Castle Hotel (East Maitland)Owner/operator: Harvest HotelsLast traded for $51 million in 2022

The two-storey Windsor Castle in the NSW Hunter dates back to the 1920s and includes a drive-through bottle shop and 14 accommodation rooms. Much of its value is in its large gaming room, which has 30 poker machines. There’s also a beer garden and an enclosed outdoor courtyard. Its sale to fund manager Harvest Hotels was a record for a country pub in 2022.

Royal Hotel (Sydney)Owner/operator: AVS SecurityLast traded for $51 million in 2019

The three-storey Royal Hotel first opened in 1876 opposite Granville station in Sydney’s middle-ring western suburbs and has been a mainstay ever since. It has live music and wagering. The hotel has 30 gaming machines and ranks as the 43rd most profitable in the state.

Robin Hood Hotel (Orange)Owner/operator: O’Hara HotelsLast sold for $50 million in 2022

The Robin Hood Hotel includes a new bistro and indoor children’s playground, new beer gardens, a sports bar and additional car parking. There is also a bottle shop and stands on a 3.27-hectare site that has the potential for future subdivision and mixed-use redevelopment.

Taren Point Hotel (Sydney)Owner/operator: Oscars Group/Feros GroupLast sold for $50 million in 2022

A Palm Springs-inspired Sutherland Shire favourite, the Taren Point Hotel underwent a major refurbishment in 2022. It offers a sports bar, beer garden and bistro. It also has a gaming room with 25 machines and a bottle shop.

Belmore Hotel (Sydney)Owner/operator: Meers familyLast sold for $50 million in 2019

The two-storey gaming hotel first opened its doors in the inner-west Sydney suburb of Belmore in 1928 when Parramatta publican Harry Gadd transferred his licence for the Gate House Hotel. Brewer Tooth and Co purchased the Belmore in 1932 and held the freehold for 68 years before selling the pub in 2000. Standing opposite Belmore train station and bus interchange, the hotel includes a bottle shop and gaming room with 30 machines. Its gaming operations are the 50th most profitable in the state.

Australian Hotel Brewery (Sydney)Owner/operator: SonnelLast sold for $48 million in 2024

Opened in 2010, the Australian Hotel Brewery serves Esker Beer, which is made at the on-site brewery. The venue also includes a bistro, kids’ playground and function spaces. The brewery was developed by the Colosimo family and was part of Redcape until its sale this year to Sonnel.

The Crescent Hotel (Sydney)Owner/operator: Gallagher HotelsLast sold for $47.5 million in 2023

Originally built as the Sims’ Fairfield Railway Hotel over 100 years ago, The Crescent Hotel is a two-storey, recently refurbished gaming venue opposite the station and bus interchange. It has a main bar, TAB facilities and a spacious sports bar. There are also five gaming machines.

St George Hotel (Sydney)Owner/operator: Wiggins Hospitality GroupLast sold for $47.25 million in 2019

The two-storey St George Hotel dates back to 1893. It has 30 gaming machines and ranks as the 10th most profitable in the state.

Tacking Point Tavern (Port Macquarie)Owner/operator: Laundy family/Flower HotelsLast sold for $47 million in 2022

The tavern-style pub next to the Lighthouse Plaza Shopping Centre in Port Macquarie has a large outdoor terrace for big-screen sports events, a sunset deck and a children’s play area. There are also 30 gaming machines.

The Longueville Hotel (Sydney)Owner/operator: Gallagher HotelsLast sold for $47 million in 2022

Dating back to 1929, the multi-level art deco venue underwent a $3 million Palm Springs-inspired makeover in 2019. A popular spot for punters is The Villa, an outdoor terrace serving drinks and pub meals. Indoors there is a sports bar, upmarket dining room and lounge bar, all of which have been refurbished. Adding revenue to the tills are 27 gaming machines. The hotel also has a 3am trading licence and a bottle shop.

Gregory Hills Hotel (Sydney)Owner/operator: Hotel Property Investments/Malouf familyValued at $47 million as of 2024

The Gregory Hills Hotel was the first pub to open in the suburb near Campbelltown. The Grego, as the locals call it, was built in 2016. The huge venue includes a sports bar, bistro and alfresco dining area. With its 30 gaming machines, the hotel ranks as a top 50 gaming venue in NSW.

Ferry Road Tavern (Gold Coast)Owner/operator: Hotel Property Investments/Australian Venue CoValued at $46.6 million as of 2024

A big Southport entertainment, gaming and dining venue, the Ferry Road Tavern features a renovated lounge bar and sports bar. Its gaming room has more than 45 machines. The pub also offers function and event space.

The Newport (Sydney)Owner/operator: MerivaleLast traded for $46 million in 2015

Dating back to the 1880s when it was called the Newport Hotel, then later the Newport Arms, The Newport occupies a prime waterfront position on Sydney’s Northern Beaches. Since being owned by Justin Hemmes’ Merivale, the hotel has been given a Hampton’s style makeover and become a foodie mecca with three distinct venues catering to kids, families and groups. Its most popular spot is the outdoor pergola with views over the water.

The Earlwood Hotel (Sydney)Owner/operator: Orion Hotel GroupLast traded for $45.2 million in 2022

Built in 1913, this three-storey hotel is the only pub in the inner-west suburb of Earlwood. The hotel underwent a major renovation last year after changing hands to Orion Hotel Group, owned by the Wiggins, Savas and Docker families. The Earlwood has accommodation and 29 gaming machines.

Kinselas Hotel (Sydney)Owner/operator: MA FinancialLast traded for $45 million in 2020

Kinselas is a legendary multi-storey late-night venue on Taylor Square in the heart of Darlinghurst’s Oxford Street entertainment precinct. Built in 1910, and featuring an ornate art deco ceiling, the pub is named after funeral director Charles Kinsela, whose business occupied the building from 1933 until 1982. In 1988, Leon Fink and Tony Bilson reinvented the building as a brasserie, theatre, and nightclub. It’s now an LGBTQ venue with a bistro, function spaces and 25 gaming machines.

Cabramatta Hotel (Sydney)Owner/operator: MA FinancialLast traded for $45 million in 2017

The two-storey Cabramatta Hotel is situated in the heart of one of Sydney’s most diverse suburbs, where the Vietnamese community is particularly prevalent. Dating back to 1888, the hotel underwent a major refurbishment in 2019 to make it a food, gaming and sports-watching hub. It has 30 gaming machines and ranks as the 21st most profitable in the state.

The Caringbah Hotel (Sydney)Owner/operator: Laundy family/EndeavourLast sold for $43.61m in 2012