Jon Adgemis secures Bondi trophy

The property (marked) stares down Bondi Beach.

Jon Adgemis is paying $68 million for Bondi Beach’s landmark Noah’s Backpackers.

The row of three buildings covering 2-12 Campbell Parade, on the north west corner of Francis Street, was offloaded by the Harkham family which paid $14.1m in two parts – in 1997 and 2020.

Noah’s Backpackers contains 260 beds.

The 1037 square metre site, parts of which are zoned B4 Mixed Use and R3 Medium Density, was marketed for its development upside – be it as an extension or new build.

A height up to 12.5 metres, or about five floors, could be considered.

Colliers’ Matt Pontey, Miron Solomons and Henry Burke with Oxford Agency’s Daniel Marano and Ralph Garofano were the agents.

Their result smashes the street record price of $26m, set in 2020 with the Ben & Jerry’s Ezy Mart at #134-138.

Also on the market is a low rise apartment block on 368sqm at #56, which vendor, F45 founder Rob Deutsche, acquired for $20.65m, again two years ago (story continues below).

Two older style buildings covering 2-8 Campbell Parade were permitted for demolition in 2010.

Noah’s Backpackers

The Harkham family acquired the bulk of the Noah’s site – two historic 1930s buildings – for $5.6m, 25 years ago.

In 2020, the group paid $8.5m for the three level residential component of a building with a laundromat, part of the backpacker holding.

Mr Adgemis is buying the property for his Public Hospitality Group.

The former KPMG mergers and acquisitions executive has also recently snapped up Camperdown’s Lady Hampshire Hotel, which cost $11m, the Empire Hotel at Annandale (a speculated $17m) and at Darlinghurst, the Strand Hotel (c$17m).

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of