A celebrated hotel has changed hands for 140 million Australian dollars following speculation about interest from television personality Rick Stein.

The Oaks Hotel, located in Neutral Bay on Sydney’s lower north shore, has been acquired in a significant transaction.

The sprawling venue, simply referred to as The Oaks, had been under the ownership of the Thomas family for many years.

When the establishment was initially offered for sale several years ago, reports suggested an asking price of approximately 175 million dollars.

According to Australian media sources, the freehold has now been transferred in a private sale believed to be valued at around 140 million dollars, making it the second-largest hospitality transaction ever completed in the country.

Established in the 1930s, The Oaks is renowned for its impressive central oak tree, expansive outdoor drinking area and bustling restaurant and sports facilities. The venue has attracted visiting celebrities and culinary enthusiasts alike.

Among those who hold the venue in high regard is television chef Rick Stein, who was born in Churchill, Oxfordshire and spent his formative years in the Cotswolds region.

The well-known chef has expressed such enthusiasm for the Australian establishment that he previously made light of circulating reports suggesting he was planning to acquire it.

During an interview with Broadsheet last year, he stated that it remained a firm favourite and typically served as their first and final dining destination upon arriving in and departing from Australia.

He added that persistent speculation claimed he had purchased the venue for 175 million dollars, joking that this was not the case.

Mr Stein splits his time between Australia and the United Kingdom. While he has built an extensive culinary business from his base in Cornwall, he maintains strong connections to New South Wales through his Bannisters establishments and frequent visits to Sydney.