Paddington will lose one of its most-loved gastropubs with the announcement Four in Hand is for sale.

As reported by Domain, the pub’s owner, Public House Management Group, which is run by hotelier brothers Mitchell and Ashton Waugh, has put the Sutherland Street property on the market for an estimated $6 million.

But rather than selling it to another publican, there are plans to transfer the liquor and gaming licences to another Public House Management Group venue and sell the site as a residence. The group paid $8 million for the property and business three years ago.

The venue, which is described on its own website as “Sydney’s favourite pub”, was owned for a decade by chef-turned-celebrity Colin Fassnidge before being sold in 2015 to Public House Management Group, owners of another Paddington pub, The Royal, as well as Bistro Moncur and The Toxteth Hotel, among others.

Mitchell Waugh brought in his own celebrity chef, Guillaume Brahimi (of Bistro Guillaume, who became a business partner and executive chef at the venue in 2015.

In 2016, a new head chef, Darrell Felstead, was introduced and a year later, management installed a charcoal grill . The interiors of the heritage-listed pub also underwent a makeover; new seating, timber walls and fresh carpet were added.

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Selling agent Gavin Rubinstein of Ray White Double Bay told Domain that Public House Management Group has “better use of the licences elsewhere” and the “700 square metres of internal space at the Four in Hand means it has more residential value than as a pub.”

The sale is good news for anyone with cash to burn and a desire to convert the space’s bar, restaurant and private dining room into a home. It’s not so good news for the pub’s regular patrons and neighbours.

The party isn’t over just yet, though; the Four in Hand will continue to trade as normal. According to the pub’s Facebook page it will host an Anzac Day function and the bar will continue to trade seven days for now.