Millinium snares another ex-Jon Adgemis pub
The unwinding of Jon Adgemis’ once significant hospitality empire continues, with receivers selling another pub.
The freehold going concern of the Kurrajong Hotel in Erskineville is speculated to be trading for $20 million to Tom Wallace’s Millinium Capital Managers.
Formerly the Swanson Hotel, the c1939 Art Deco never reopened following a recent refurbishment and addition of a third floor. As well as a bar, there are 20 guest rooms, each with an ensuite.
AusPacific seized control following a failed refinance attempt by Mr Adgemis’ Public Hospitality Group, which picked it up in 2019.
Sell down continues
Millinium, which targets undercapitalised and distressed properties, has bought two other ex-Jon Adgemis pubs recently, sources say – the Town Hall Hotel at Balmain, for $9.5m, and Three Weeds at Paddington (c$20m).
The former KPMG executive, who until recently controlled over 20 assets, is embroiled in a debt crisis reported to exceed $1.5 billion with multiple venues placed into receivership.
His personal insolvency and restructuring proposals are also facing scrutiny from the Australian Financial Security Authority.
HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy marketed the Kurrajong Hotel, on 290 square metres, once with 12 electronic gambling machines. The incoming owner will continue the pub operation, they said.
Erskineville is about five kilometres south of Sydney’s CBD.
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