Surry Hills pub sold for the first time in nearly 50 years
One of Sydney’s best-known watering holes, The Shakespeare Hotel near Central Station in Surry Hills, has changed hands for the first time in almost half a century, after being snapped up by local publican Laurence Collins and his family.
Though pricing remains confidential, well-placed industry sources said “the Shakey”, as it is known by locals, sold for about $10 million.
The 145-year-old classic Victorian-era pub has been owned and operated by Margaret Hargreaves since 1975 when she acquired the leasehold. Three years later, Ms Hargreaves and her family acquired the freehold. Mr Collins will get the key in mid-September.
“There is nothing quite like the Shakey. The pub has been very good to us, but the time is right for a fresh perspective,” Ms Hargreaves said.
Situated just 300 metres from Central Station on Devonshire Street, the pub with its distinctive red-brown facade opened its doors in 1879.
Inside, The Shakey has retained much of its old-world charm with tapestries and picture frames hanging against ornamental wallpaper and azure-blue tiling running around the main bar.
The three-storey venue includes a public bar, dining area and outdoor gaming room with 10 machines on the ground floor, and a second bar and six accommodation rooms on the upper levels.
While it remains a favourite of tradies, footy fans and business folk, the Shakey has battled the impact of the pandemic and disruption from construction of the Sydney Light Rail (which now runs past the hotel) in the past few years.
The sale of The Shakey was handled by JLL’s Kate MacDonald, John Musca and Greg Jeloudev. Ms MacDonald said there had been very strong interest during the sales campaign.
Incoming owners the Collins family also own and operate The London Hotel in Balmain via a leasehold interest.
“This pub is incredibly important to the Surry Hills community. Everyone has a story about the Shakey, and I just want to carry forward the incredible legacy that Margaret has created,” Mr Collins said.
“I am not intending to change the overall fabric of the hotel, as this is what makes it special for everyone who visits.”
The sale of the Shakey comes amid a busy period of inner-Sydney pub trades.
Last month, Universal Hotel Group, run by the Kospetas family, acquired another famous Surry Hills pub, the Evening Star Hotel, for between $16 million and $17 million in an asset swap with hotelier Barham Hamarashid. Mr Hamarashid acquired Universal’s leasehold interest in The Mill Bondi for $4 million.
Also in August, the Rich Lister Laundy family added to its vast hospitality empire after buying Sydney’s oldest pub, the Lord Nelson Hotel in The Rocks, for about $18 million. All of these deals were brokered by JLL.
At Bondi Junction in Sydney’s eastern suburbs, Sydney publicans John and Sally Ryan struck the biggest pub sale in more than two years in August when they bought the popular Tea Gardens Hotel at Bondi Junction for $75 million. HTL Property brokered this sale.
