Sydney’s Fortune of War, Australia’s oldest pub, listed after 25 years
The Fortune of War hotel – marketed as the oldest continuously licensed pub in Australia – has been listed for sale after nearly 25 years in the same hands.
The Fortune of War, which dates back to 1828, is part of a recently renovated hotel complex positioned opposite Circular Quay in Sydney. The actual George Street hotel is a three-storey facebrick building with stucco detailing built in 1922. The first recorded licensee of the public house was John Boreham who was the seller of wines, malt and liquor. In March 1976 Tooth & Co relinquished its head lease to the Sydney Cove Redevelopment Authority, and the lease has been with publican Robert Keyes since 1987.
Given its location in Sydney’s Rocks district it has prided itself on the reputation of being the first and last port of call for generations of Australian and visiting soldiers.
“With over 100k per week in revenue, it will be hotly pursued,” Jolliffe advised Property Observer.
Of course the claim of Sydney's oldest pub is also claimed by the more upmarket Lord Nelson. In May this year Fairfax writer Mark Chipperfield wrote the nearby Lord Nelson has the words "Sydney's Oldest Hotel" painted on its exterior in bold letters. Chipperfield noted on face value, the Lord Nelson's claim on the title of oldest pub seems unassailable: built in 1836 using sandstone blocks quarried from Observatory Hill, the pub has held its liquor licence continuously since May 1841. But there are some flaws in the claim including the building being initially built as a private residence for William Wells, a local merchant and publican, and only transformed into a hotel in 1841.
The latest offering comes with The Fortune of War Hotel, The Russell Hotel (which offers accommodation, pictured below) and The Russell Wine Bar (pictured above) at the Rocks. Its Ray White Hotels listing agent Andrew Jolliffe told The Shout that the hotel market dynamics changed in October last year after the gap between buyer and seller closed earlier in the year.
“We could see the value bounce in quality assets was far more likely than less likely," he said.
Jolliffe joined the Ray White Hotels Australia group following its expansion from Brisbane into Sydney.
Over the past 20 years, Jolliffe’s senior executive roles included general manager of the Palace Leisure Group, managing director of the Grant Samuel Private Equity Pub Fund and chief executive of ASX -isted hotel company National Leisure and Gaming Limited.
