Publicans snaps up rare $15m ‘proceeds of crime’ city penthouse

802/85 Harrington St, The Rocks sold for $15m under the hammer.

Popular publicans, who recently bought one of Sydney’s most famous watering holes, have snapped up a luxurious penthouse nearby.

The Wentworth Courier recognised Patrick Gallagher, who with wife Angela paid $20m for Jacksons on George in March, doing the bidding himself at the recent auction of 802/85 Harrington St, The Rocks, that sold for $15m under the hammer.

Highland Double Bay’s Daniel Baran, with auctioneer Clarence White, had seven registered bidders, with four active from $12m, in the fiercely fought battle for the four-bedroom, four-bathroom residence with a three-car garage occupying levels six and seven of The Harrington.

MORE:

Iconic Manly property set to sell

Patrick Gallagher outside Jacksons on George, one of a string of pubs in Sydney that he owns. Picture: Britta Campion

The penthouse’s terrace has iconic harbour views.

And the Gallaghers got a good deal since the penthouse, which has iconic harbour views, last traded for $17.5m in 2018 — a $2.5m discount.

The penthouse had been forfeited under the Proceeds of Crime Act after being seized under Operation Cabestro — a joint operation led by The Australian Border Force and Australian Federal Police — that was resolving an excise fraud matter regarding unlawful importation of alcohol.

MORE:

Aussie mogul buys $12.5m granny flat

More than $122m in assets have been seized since December 2019, including luxury apartments, bank accounts and a yacht.

No wonder the Gallaghers were keen on this penthouse — it’s understood they plan to reside in the luxury pad that’s so convenient to Jacksons on George.

The couple had operated Jacksons previously, having the leasehold from 2013.

Lendlease had the freehold and the Gallaghers were forced to give it up in 2018 as Lendlease demolished the site to build Sydney Place, which includes Salesforce Tower.

Impressive finishes.

The penthouse previously traded for $17.5m in 2018.

There are four luxurious bathrooms.

The former pub is now an upmarket hospitality venue, and Patrick Gallagher told the AFR in March that it was an exciting venue to own and operate.

“I’ll probably having lunch there more often than I’m doing things operationally, but my wife and my two boys are very hands on,” he said.

The Gallaghers also own the Railway Hotel and Hunters Hill Hotel, among others.

The penthouse has a range of appealing features, including floor-to-ceiling glass that fill home with light and sunshine.

There are state-of-the-art finishes, vast living and entertainment zones, a terrace with incredible views and even a spa.

The kitchen features Wolf gas appliances, a Sub-Zero fridge, wine fridge and butler’s pantry.

MORE:Jackie O in $13m neighbour war

The post Publicans snaps up rare $15m ‘proceeds of crime’ city penthouse appeared first on realestate.com.au.