Top Sydney pub The Oaks is sold for an eye-watering amount after more than 50 years with the one family

Iconic Sydney pub The Oaks Hotel has sold to new owners for the princely sum of around $140 million.

The Neutral Bay establishment was snapped up this week by rising pub powerhouse Gallagher Hotel Management, and it’s reported to be the second-highest price paid for an Australian pub.

The sellers were long-time owners, the Thomas family, who have operated the bustling watering hole on Military Road for over five decades.

The sale also resolves the future of the venue after the Thomas family put The Oaks on the market in 2022, at the time calling for expressions of interest in the $175 million range. Four years on, and the multi-million dollar deal has finally been completed, although the final price is understood to be slightly less than the asking price.

The deal is a major play by the Gallagher family business, placing them among other mega pub owners such as the Laundy family and Justin Hemmes. Gallagher Hotels’ co-owner Patrick Gallagher described the purchase as a pinnacle moment for the family.

‘Suffice it to say, obviously, we’re extremely excited,’ he told the Australian Financial Review.

Patrick, who runs the business with his wife Angela, along with three of their four children – Jack, Sophia, and Austin (the youngest, Max, is still at school) – described the opportunity to buy The Oaks as a long-term investment.

‘It’s one of those generational opportunities – something we’d be hanging on to ourselves for well past [when] I’m dead.’

The Oaks Hotel in Neutral Bay has been sold to new owners for around $140 million

The Oaks is renowned for having one of Sydney’s best outdoor beer gardens

The new co-owner said there are no immediate plans to update or renovate The Oaks, but he said they would ‘tweak’ a few elements for now. 

Interestingly, the venue sits on a 2,188sqm site with a B4 Mixed Use zoning and planning guidelines, which allows for development of up to five storeys – subject to council approval. But for now, the new owners’ assurance suggests there’s no immediate plans to make any major changes.

Located on Sydney’s lower north shore, the much-loved pub boasts one of the city’s best beer gardens, with the pub’s name derived from its 80-year-old English oak tree that stands at the centre of the outdoor space.

Inside The Oaks, patrons can enjoy a drink or meal at Taffy’s Sports Bar, Alala’s Cocktail Bar or the Bar and Grill restaurant. The venue also offers function spaces, a high-end bottle shop and a gaming room.

The venue’s storied history dates back over 145 years, beginning in 1880 as the first hotel on Military Road. In 1938, brewing company Tooth & Co built the current Art Deco building on the site.

The most recent seller, David ‘Taffy’ Thomas, first acquired the leasehold from Tooth & Co in 1975, backed by his mother Alala. Over the following five decades, the family transformed The Oaks into the large and multifaceted pub it is today.

After more than 50 years of Thomas family stewardship, Andrew told Mosman Collective that it was a case of finding the ideal buyer at the right moment.

‘It’s the right time for the family to move on, and the Gallagher family are the right custodians to pass the baton to,’ Andrew said. 

After more than 50 years of stewardship by the Thomas family, The Oaks has been sold to new owners from the  family-run business Gallagher Hotel Management

The Oaks has a range of beverage and dining options for patrons, including Taffy’s Sports Bar, Alala’s Cocktail Bar and the Bar and Grill restaurant

‘The Oaks is one of a kind and has been an enormous part of our family history.

‘We’ll leave with fond memories and many friends. It holds a very special place in the Australian hotel landscape and in the hearts of the community.’

In 2022 when the Thomas family decided to put The Oaks Hotel on the market, it attracted the interest of several high-profile prospective buyers, including Aussie pub baron Justin Hemmes, and an unnamed but well-known movie producer.

There were also long-running rumours that British chef Rick Stein was part of a consortium interested in purchasing the venue, particularly as he’d openly discussed  that it was his favourite Sydney watering hole.

The celebrity chef even joked about the rumour in an interview last year with Broadsheet.

‘It’s a firm favourite of ours and normally the first and last place that we have dinner when we arrive and depart Australia,’ Rick said of The Oaks.

‘There was a persistent rumour that I had bought [The Oaks] for $175 million – if only!’

The Gallagher family have been steadily growing their pub empire in recent years through a series of multi-million dollar purchases. 

One such deal was Jacksons on George, which they bought for about $20 million in March 2025, and subsequently reinvigorated and relaunched to much fanfare.

The new Oaks owners also own nearby lower north shore venue The Longueville Hotel in Lane Cove, which was purchased for around $50 million in 2022. They also own the Railway Hotel in Fairfield, and the Hunters Hill Hotel.