Receivers sell ex-Noah’s Backpackers
Receivers have sold arguably the highest profile property in the portfolio of bankrupt hospitality entrepreneur Jon Adgemis’ Public Hospitality Group.
The former Noah’s Backpackers on Bondi Beach is understood to be collecting $60 million.
The buyer is believed to be Millinium Capital Managers, led by Tom Wallace.
It would be the fifth pub the company acquired from receivers Public Hospitality Group lenders.
The others are Balmain’s Town Hall Hotel, which traded for $9.5m, Erskineville’s Kurrajong Hotel (c$20m), Paddington’s Three Weeds ($20m) and the Hotel Diplomat at Potts Point (c$20m).
$130m spend
Mr Adgemis paid the Harkham family $68 million for the row of three buildings covering 2-12 Campbell Parade forming the ex-Noah’s Backpackers – later changing its name to the South Bondi Hotel.
On 886 square metres, part zoned B4 Mixed Use and R3 Medium Density, the 260 bed ex-hostel could make way for something taller – up to 12.5 metres or five levels.
Public Hospitality won approval to refurbish the building with 53 accommodation rooms, multiple bars and an activated rooftop (continues below).
The sale was brokered for McGrathNicol by Colliers’ James Cowan and Matthew Meynell with HTL Property’s Andrew Jolliffe, Sam Handy and Andrew Jackson.
More to come
At its peak, Public Hospitality Group held 22 properties.
The Federal Court bankrupted Mr Adgemis in October.
Deutsche Bank controls three venues – Annandale’s Empire Hotel, Darlinghurst’s Claridge House and The Exchange in Balmain.
Other assets controlled by other receivers expected to hit the market this year include Paddington’s Oxford House, the Norfolk in Redfern, Darlinghurst’s The Strand, Balmain’s The Exchange and Camelia Grove Hotel in Alexandria, at the Eveleigh border.
In Melbourne, the Clifton Hotel at Kew Junction, once occupied by Guy Grossi’s Puttanesca, was listed for sale last year.
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