Institution of Sydney’s lower north shore, the Pickled Possum in Neutral Bay, is being sold as a vacant freehold going concern through receivers and managers.
A staple of the precinct since 1981, the colourful, eclectic late-night karaoke bar, famous amongst other things for serving drinks out of eskys, has long been a destination venue for northern Sydney nightlife. It draws its name from the possums that used to loiter near the door in the hope of being fed by patrons.
The founding operators, John Oseckas and Margurite Smith, went on to buy the title to the Military Road building in 2002.
In 2021 the nightclub was bought by investor Robert Patterson, through his entity Co. As. It.
Patterson refurbished and kitted it with new state-of-the-art equipment, reopening post-pandemic and adopting the personal moniker of “Possum Bob”.
In early 2023 Patterson emerged as the successful buyer of Sydney’s famed but troubled Italian Forum site, in Leichhardt.
Later that year he submitted plans to North Sydney Council to redevelop the Pickled Possum into a 78-room shop-top boarding house, but this was ultimately rejected, in November 2024.
The 164sqm site, which includes a two-bedroom apartment upstairs, is strategically located close to Neutral Bay’s main retail catchment, with anchors including Woolworths and Coles, as well as scores of other hospitality offerings, such as Honey Rider Brewery, SoCal, and The Hideout Bar.
The Possum enjoys rare extended trading approval, licensed until 2am Monday and Saturday, and holds favourable planning approvals, in a 16-metre height limit and MU1 Mixed-use zoning that could facilitate alternative-use.
Initial potential planning and architectural considerations for amalgamating the site with adjacent properties were undertaken, and these are reportedly available for prospective purchasers.
HTL Property’s Sam Handy, Andrew Jolliffe and Ben Kennedy have been appointed, under instruction from Joseph Hansell and Vaughan Strawbridge of FTI Consulting, with price guidance circa $2.5 million.
Offered as a vacant possession, the current operator, Johan Jur, says “we’re still open” and is very motivated to negotiate a new lease with any potential purchaser looking for a passive income.
The asset is expected to appeal to a broad range of buyer segments, from hoteliers and investors to brewers and distillers, bringing a beloved history while sporting a “clear and obvious upside” through renovation and refurbishment.
“The Pickled Possum is a much-loved and cherished late-night Lower North Shore bar that has entertained several generations of patrons,” suggests Handy.
“We anticipate intense interest in this asset given not only the sentimentality that is attached to it, but also its compelling underlying land, building and business fundamentals,” he added.
Sale of the property is via Expressions of Interest, closing Thursday, 7 August.
