Oaks sold to mystery local buyer

Third.i, Phoenix sign Metro development treaty By Hannah Wilcox

Property development firm Third.i and real estate investment firm Phoenix Property Investors have acquired the last two of Sydney Metro’s Crows Nest over station development sites via private treaty with Sydney Metro and the NSW Government. New reports have placed the mooted value of the development at $1 billion.

The deal was brokered by Third.i’s Head of Acquisitions, Florian Caillon, and Sydney Metro’s commercial team.

The site is trategically located above the upcoming Crows Nest metro station, one of six new stations for Sydney Metro City & Southwest, slated to be operational by 2024 and will extend the metro rail from Chatswood through the Sydney CBD to Bankstown. The first site, Lot A, will feature a unique commercial and retail offering with a focus on health and wellness in its design. Meanwhile, the second site, Lot B, will comprise a mixed-use space with ground-floor retail and a residential component, “solidifying Crows Nest as a top destination to live, work and play in Sydney’s Lower North Shore” according to Third.i.

Third.i’s co-founder & director of acquisitions, Bob Huxley said: “This will be a legacy development for Third.i, and we can’t wait to start working with all stakeholders to bring the Crows Nest over station development to life and add significant value to the Crows Nest community.”

This acquisition marks the fifth joint venture between Third.i and Phoenix Property Investors including the sale of the Balfour Place residential project in Lindfield and the Blue & William commercial precinct in North Sydney to Keppel REIT via Lendlease.

Neutral Bay’s The Oaks Hotel has been bought by a unnamed Mosman buyer with ties to the film industry seven months after being put up for sale with a $175m dollar price tag. The Thomas family put the muchloved Military Road institution up for sale in August last year after five decades of ownership.

David Thomas purchased the leasehold for the property for $250 000 in 1975 and later the freehold in 1990 for $12 million; and if it sold for last year’s asking price of $175 million it would’ve been the highest price ever paid for a pub in Australia.

General manager Andrew Thomas told the Australian Financial Review the price was well above the $120 million figure being speculated on the industry. “It’s not far away from the advertised price. Both parties are very happy with the deal,” he said.

The mystery around the exact price paid and the identity of the buyer should become available following the deal settlement within days.

JLL Hotel’s John Musca and Ben McDonald have confirmed the hotel has sold but declined to comment due to a strict confidentiality agreement. “[We] can confirm it has sold to a local family and long-time patrons of The Oaks,” the selling agents said.

The first hotel on the site was built in the 1880s, but the 2188-squaremetre property dates back to 1938 when it was built by beer brewing company Tooth & Co. It was bought by the Thomas family in 1975 and underwent extensive renovations in 2019; now includes Taffy’s Sports Bar, Alala’s Cocktail Bar, Bar and Grill Restaurant, the beer garden, a gaming room, function spaces and a bottleshop, and of course, its iconic 80-year -old English oak tree.