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.
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.
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).
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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