Sydney’s ‘most recognisable pub’ sold for first time in 50 years
Sydney’s famous Shakespeare Hotel has been sold for the first time in five decades.
Sydney’s famous Shakespeare Hotel has been sold for the first time in almost fifty years.
The ‘Shakey’ as the inner city icon is known was listed for sale by JLL Hotels & Hospitality Group for the first time in five decades in August last year.
And it has now found a buyer.
The proud new owner is Laurence Collins and family who own and operate the leasehold interest of The London Hotel in Balmain.
“This pub is incredibly important to the Surry Hills community,” Mr Collins said as the sale was announced on Monday.
“Everyone has a story about the Shakey, and I just want to carry forward the incredible legacy that Margaret [Hargreaves] has created.
“I am not intending to change the overall fabric of the hotel, as this is what makes it special for everyone who visits.”
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Publican Margaret Hargreaves at bar of Shakespeare Hotel, Surry Hills,
JLL Senior Vice President, Kate MacDonald managed the sale on behalf of Mrs Hargreaves with the assistance of Executive Director John Musca, and Vice President Greg Jeloudev.
“The Shakespeare Hotel truly is a Sydney hospitality icon, and I don’t think we could have found a better custodian in Laurence, who ultimately just adores the pub for everything that it offers the community,” Ms MacDonald said.
“We were inundated with interest from the market, but it was imperative that the buyer not only possess a strategic vision for the future, but also an unwavering commitment to honouring its storied past.”
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The Shakey’s new owners Laurence Collins also owns The London Hotel in Balmain.
No guide had been offered for the beloved pub but a price of around $12m had been bandied about, when the venue was listed.
Ms MacDonald wouldn’t comment on the sold price other than to say Mrs Hargreaves was “very happy with the price”.
After almost 50 years, industry trailblazer Mrs Hargreaves made the tough decision to sell early last year.
Mrs Hargreaves started her career as a publican with a lease of the Shakey in 1975 and after acquiring the freehold in 1978, moved her husband and four small children into the pub for three months to focus direct attention on the new flourishing business.
When discussing the sale, Mrs Hargreaves noted the bittersweet notion of handing over the keys 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.”
The owners have changed but the vibe will stay the same. Picture: John Appleyard
“Established in 1879, the Shakey is arguably the most recognisable pub in Sydney, presenting old world charm at every turn. With considerable opportunity available in every department within the hotel, the undeniable strength of attributes will entice any astute operator,” the listing read.
