Demand for suburban pubs in Sydney shows little sign of abating, with the popular Four In Hand in the eastern suburbs the latest to hit the market.
The private owner of the past 25 years has decided to take advantage of the hot sector and offer up the freehold site at 105 Sutherland Street, Paddington.
No price was disclosed but other hotels sold in the area have averaged $8 million to $9 million.
The Royal Hotel in Paddington was recently sold to the Public House Group for $15 million and the Light Brigade Hotel was bought by the Bayfield Family for $9 million.
In the past year, more than than $200 million of pubs assets have changed hands.
It comes as pubs have returned to favour, particularly around the suburbs, to avoid the new late-night lockout drinking rules imposed on the city and some fringe areas.
Last year, to counteract violence, 1.30am lockouts and 3am last-drinks laws were imposed on pubs across the new Sydney CBD Entertainment Precinct, which stretches from parts of Surry Hills and Darlinghurst to The Rocks, and from Kings Cross to Cockle Bay.
This has resulted in significant sales of pubs as buyers exit city properties and head to the suburbs. One of the busiest has been pub czar Justin Hemmes, who is looking to open a series of new bars around the suburbs, starting with the revamped Newport Arms on Sydney's northern beaches.
Agent to the Four In Hand sale, Ray White Hotels's Asia-Pacific director Andrew Jolliffe, said the pub was a favourite watering hole for foodies, sports fans and locals from Paddington and Woollahra.
"The 4, as it is affectionately known, is an institution in the Sydney pub landscape," Mr Jolliffe said.
"Melbourne has a number of these great food and beverage icons like the Four in Hand, however, unfortunately they are few and far between in Sydney. That's why this is such a special hotel."
Other recent sales have included the Woolwich Pier, Woolloomooloo Bay and Mosman's Buena Vista, which were advised by Ray White Hotels, in what Mr Jolliffe said was "an unprecedented 12 months of activity in the hotel market".
"It's certainly been a strong period in the market ... and it looks to us like the market indicators are only strengthening," he said.
