Almost 50 years since she acquired the inner-city Sydney pub, industry veteran Margaret Hargreaves has sold the Shakespeare Hotel, affectionately known as the Shakey.
After taking on the leasehold interest of the Shakespeare Hotel in 1975, and later acquiring the freehold interest in 1978, Hargreaves sold the asset to Laurence Collins and his family, who currently own and operate the leasehold interest of The London Hotel in Balmain.
Speaking about the bittersweet decision to sell the Surry Hills pub, Hargreaves said: “There is nothing quite like the Shakey. The pub has been very good to us, but the time is right for a fresh perspective.”
The Shakespeare Hotel sits within close proximity to Sydney’s Central Station, housing a ground floor public bar with TAB facilities, a dining area and outdoor gaming room with 10 gaming machines. On the first floor, the hotel includes a second bar/function space, while the top floor offers six accommodation rooms boasting old-world charm.
Commenting on his acquisition of the pub, Collins says he feels a certain level of responsibility in taking over such an institution.
“This pub is incredibly important to the Surry Hills community. Everyone has a story about the Shakey, and I just want to carry forward the incredible legacy that Margaret has created. I am not intending to change the overall fabric of the hotel, as this is what makes it special for everyone who visits,” he stated.
The transaction was managed by Kate MacDonald, JLL senior vice president, with the assistance of executive director John Musca and vice president Greg Jeloudev.
Commenting on the sale, MacDonald stated: “The Shakespeare Hotel truly is a Sydney hospitality icon, and I don’t think we could have found a better custodian in Laurence, who ultimately just adores the pub for everything that it offers the community.
“We were inundated with interest from the market, but it was imperative that the buyer not only possess a strategic vision for the future, but also an unwavering commitment to honouring its storied past.”
The sale is indicative of heightened interest in long-term held hotel assets across the country, following the sale of the Lord Nelson Brewery Hotel in the Rocks just two weeks prior after more than 40 years of private ownership, in another transaction managed by JLL.