According to North Sydney Cityscope sales for the quarter to April 2023 have increased significantly. Sales recorded in the most recent quarter totalled $599.6 million, compared to the $124.7 million in the quarter to January 2023.
Contributing to this was the sale of the renowned Oaks Hotel in Sydney’s Neutral Bay. The art-deco, two-storey building has various bars, restaurant areas and a large beer garden around the eponymous oak tree, planted in 1938 by Kathleen McGill (nee Furlong). The hotel was held by the Furlong family from 1918 to 1975 and Kathleen had received it from the old Anthony Horden's department store in George Street; a promotion being to gift Oak seedlings to any customer who had spent more than ten pounds. Ironically it had actually been known as the Oaks Hotel before the famous tree was planted.
The Oaks has recently sold for circa $175 million after having traded at $11.973 million in 1990.
CoreLogic Australia