A landmark pub on Sydney's prestigious Lower North Shore is reported to have been sold to a mystery buyer in a deal believed to be around $120 million.
9News understands the hotel sold below the asking price of around $175 million, which, if attained, would have been a record price for a pub.
The Oaks Hotel pub on Sydney's prestigious Lower North Shore has reportedly been sold for a price up to $120 million. (Nine)"I can confirm it has sold to a local family and long-time patrons of The Oaks," he said in a statement.
"It is expected to settle soon, and you will see continuity of this wonderful, community business."
Sydney pub mogul Justin Hemmes is not the buyer.
The pub, on the busy Military Road, is famous for a giant oak tree where patrons meet.
The Oaks Hotel pub on Sydney's prestigious Lower North Shore has undergone several major refurbishments since the owner bought it in 1975. (Nine)It has been owned by the Thomas family since 1975, when David "Taffy" Thomas bought the 2188-square-metre property for $230,000 .
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The pub has since undergone major refurbishments, including a major renovation of the two main bars in 2019.
