Fabled Sydney institution the Shakespeare Hotel in Surry Hills is for sale for the first time in 45 years, by dedicated long-term owner Margaret Hargreaves.
Popularly known as ‘The Shakey’ the hotel was established in 1879. Located on Devonshire Street only 300 meters from Central Station, it now enjoys being only 50 metres from the Surry Hills Light Rail stop, between the Crown Street culinary hub and the upcoming Central Precinct development.
The Shakey provides on the ground floor a popular public bar with TAB, separate dining area, and gaming room with 10 machines (Band 2) in a smoking solution. Upstairs there is another bar, used for functions and events and downstairs overflow, and six boutique accommodation rooms.
It is said it would benefit from greater use of the “underutilised” accommodation, and is set to take advantage of proximity to the new Central Precinct, bringing an estimated 16k jobs and 850 new homes to the 24-ha site beside the station, in what is tipped to become Sydney’s version of Silicon Valley.
Margaret Hargreaves began as a publican when she leased The Shakey in 1975. Three years later she acquired the freehold and moved her husband and four small children into the pub for a time, to focus her attention on the flourishing business.
“I remember tapping the keg on my first day of trade in August 1975,” she says. “On that day, we took $69 in sales and the rest is history.”
Recent years have presented significant challenges for the Surry Hills local, not limited to the long, delayed construction of the Light Rail and COVID pandemic, and the pub is currently run under management for the family.
But with hurdles now scaled, they have made the decision to divest.
“The pub has been very good to our family so the decision to sell has been quite overwhelming, but the time is right for a fresh perspective on the Shakey,” Margaret adds.
A sale campaign is being managed by JLL Hotels’ Kate MacDonald, John Musca and Greg Jeloudev, who suggest it may be the last opportunity to acquire such a pub in Surry Hills from long-term family owners.
“The location is unmatched, perfectly positioned between Central Station and the upcoming major tech hub development, and Sydney’s Entertainment Quarter, including the newly constructed Allianz stadium,” suggests MacDonald.
Agents would not specify price expectations, but expect interest from a variety of sources, including high net worth investors along with groups and owner-operators.
The freehold going concern of the Shakespeare Hotel is being sold via Expressions of Interest, closing Tuesday, 22 August.
