Public House Management Group (PHMG) is selling the Four In Hand for $6 million without its liquor licence or EGMs, effectively turning it a residential property.
The eastern Sydney pub is one of the most famed and beloved in the country, and the decision to sell the property as a home rather than a pub has drawn a mixed reaction from the local area and industry participants.
PHMG purchased the hotel in 2015 from Joe Saleh in 2015 for $8 million during a time when chef Colin Fassnidge was running the kitchen.
Fassnidge left the venue when it was bought by PHMG and Guillaume Brahimi was soon brought in as a culinary ambassador for the group.
After three years of ownership, PHMG has now placed the hotel on the market, but will retain the liquor licence, six EGMS and their licences, effectively rendering it a residential property.
Mixed reaction
With a liquor licence freeze currently underway in Sydney, one of the most valuable assets of a venue is it’s licence, and it is understandable that it would be something that any hotel group would want to hold on to. But as the Four In Hand has operated as a beloved local pub for over a century, many Paddington residents are upset to see a local institution close for good. Locals are not the only ones disappointed with the decision.
In an interview with News Corp Australia, Fassnidge lambasted the decision to sell the pub as a residence, calling it a “disgrace” and calling out PHMG.
“It took 10 years to build and they destroyed it in a year,” Fassnidge said in the interview.
“Most of the publicans in Sydney are having a quiet little laugh, they’ve taken a Ferrari and turned it into a Morris Minor.”
Australian Hotelier reached out to PHMG for comment on the sale, but had not heard back by the time of publication.
Image credit: Ray White
