Nightlife icon for sale in Sydney

A late-night icon is up for sale on Sydney's Lower North Shore.

Expressions of interest are sought for the Pickled Possum karaoke bar on 254 Military Road in Neutral Bay.

The venue went into receivership recently with Joseph Hansell and Vaughan Strawbridge of FTI consulting appointed receivers and managers.

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The sale is being managed by HTL Property.

The Pickled Possum, named after the bushy-tailed marsupials that would hang over the door frames in the hope of cadging snacks from patrons, has been an institution in Neutral Bay since 1981.

It's known for its distinctive interior, eskys full of drinks, and its karaoke offerings.

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The venue is licensed to trade until 2am between Monday and Saturday, and is located close to Neutral Bay's shopping and nightlife spots.

"The Pickled Possum is a much-loved and cherished late-night Lower North Shore bar that has entertained several generations of patrons," HTL Property director Sam Handy said.

"We anticipate intense interest in this asset given not only the sentimentality that is attached to it, but also its compelling underlying land, building and business fundamentals."

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Initial potential planning and architectural commentaries for an amalgamated site have been undertaken and are available for prospective purchasers.

Vacant possession is being offered for sale, and the agents said the current tenant was extremely motivated to negotiate a new lease if a new owner sought a passive income.

Expressions of interest are sought, with the campaign scheduled to close at 5pm on August 7.

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