Paddington's Four in Hand Hotel for sale as a house

Paddington's landmark Four in Hand Hotel premises are set to be traded for the second time in three years, and be sold as a house.

The hotel and operations were bought by hotelier brothers Mitchell and Ashton Waugh in 2015 for $8 million. They bought it from celebrity chef Colin Fassnidge and business partner Joe Saleh.

The Waugh brothers are now seeking to move the pokie and liquor licence to another venue and sell the property as residential.

They aren't short of choices. They own the nearby Woollahra Hotel and The Royal among others.

The two storey property will offer around 700 sqm of living area when turned into a home, although the heritage-listed front will need to remain the same.

Ray White Double Bay agents Gavin Rubinstein and Jerome Strot have a May 24 auction.

They says its a rare residential opportunity.

It is being marketed as having four bedrooms and four bathrooms.

Currently the property is configured with partly divided dining spaces on the upper level, with a corner terrace fronting Sutherland Street.

There are two bars, one on each level, as well as the games rooms which currently home six pokie machines.