The Belrose Hotel on Sydney's northern beaches has sold to the Redcape Property Fund for about $23 million through Ray White Hotels.
The pub was bought from the Bayfield family who gave it a $10 million facelift in 2009.
The facelift involved turning the Belrose Hotel – formerly The President - into a modern pub with bar, bistro, café, gaming area and multiple restaurant areas.
The hotel was last listed for sale in 2006 and sold for $14 million.
The Redcape Property Group is run by the former Foster's chief executive Trevor O'Hoy.The selling agent, Ray White Hotels managing director Andrew Jolliffe, said the hotel was "a near perfect example of a future-proofed large format suburban hotel freehold, enjoying multiple revenue streams, ample parking and high barriers to entry for proximate competition."