PHOTO: Surry Hills’ famous Shakespeare Hotel is for sale. Picture: John Appleyard
The renowned ‘Shakey,’ a fixture of Surry Hills, is now on the market for the first time in 45 years as the Hargreaves hospitality family, well-known in the industry, decides to make a change.
The pub faced challenges during the extensive light rail construction on Devonshire St, which significantly impacted its business. However, it has demonstrated remarkable resilience and recovery. In a market where pubs have become highly sought-after assets, the Shakespeare Hotel is poised to follow suit.
Publican Margaret Hargreaves at the bar of Shakespeare Hotel, Surry Hills.
While no specific price guide has been provided, there has been speculation of a potential price around $12 million.
“In our decades-long presence on Devonshire Street in Surry Hills, our family has been an integral part of the community, owning and operating The Shakespeare and The Strawberry Hills hotels,” penned publican Margaret Hargreaves in a personal piece for The Sunday Telegraph back in 2018, during the challenging times of the light rail construction.
“We take pride in our venues and the role they play in this tight-knit community.” In a recent ruling, the NSW Supreme Court mandated that the state government compensate businesses affected by the delayed Sydney light rail construction, with further claims expected.
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The ‘Shakey’ proprietors themselves had to cover some of the costs resulting from the light rail construction disruption. However, with the project now completed, the pub and the surrounding area have experienced a vibrant resurgence. “The Shakespeare Hotel represents a rare opportunity to acquire a long-standing family-owned pub in Surry Hills, boasting accommodation, gaming, and food and beverage revenue streams,” stated Senior Vice President Kate MacDonald of JLL Hotels, the firm handling the pub’s sale. “Dating back to 1879, the Shakey stands as perhaps the most recognizable pub in Sydney, exuding vintage charm at every turn. With abundant potential across all aspects of the hotel, its undeniable strengths will attract astute operators,” the listing highlights.”
SOURCE: NEWS.COM.AU