Kokoda snares trophy hotel from Jon Adgemis receiver
A liquidator for John Adgemis’ Public Hospitality Group has sold a high profile inner-city ex-State Bank, for 30 years a pub.
Last trading as The Saint Hotel, 54 Fitzroy Street, St Kilda (pictured, top), c1914, traded for $8.4 million at auction.
The incoming owner is Kokoda Property Group for a new arm, Kokoda Hospitality.
Mr Adgemis, an ex-KPMG banker, paid $9.35m in April, 2021, to a consortium including ex-Carlton footballer Stephen Silvagni who undertook a major extension and refurbishment about six years earlier.
FTI Consulting was the liquidator.
Cushman & Wakefield’s Daniel Wolman, Anthony Kirwan, Oliver Hay and Leon Ma were the agents.
Flagship asset planned
At the prominent corner of Canterbury Road, which becomes Grey St diagonally adjacent, 54 Fitzroy St contains 1150 square metres across three floors, with several bars, cellars, dining rooms, private rooms, kitchens and terrace.
The rooftop is activated.
The site spreads 503 sqm zoned Commercial 1.
Kokoda Hospitality plans to revamp the building as a flagship venue.
It will be held with the Angel of Malvern, part of a residential based mixed-use complex at Malvern, which Kokoda Property Group announced last month, with the fund, as the seed asset.
Set to open next year, the hotel will contain a bar, courtyard and beer garden on the ground floor, Mediterranean restaurant on the first level and late night cocktail bar and event space at the top storey.
Two more venues are planned to face Brisbane River as part of the $1.5 billion Teneriffe Banks development, which is under construction (continues below).
One, Kokoda Hospitality’s maiden Kimpton Hotel, to be managed with IHG Hotels and Resorts, is designed with a speakeasy vinyl bar, rooftop cocktail bar and pool club.
All up Teneriffe Banks is expected to contain 2800 sqm of absolute waterfront dining and retail space, to be managed by Kokoda Hospitality, which, it added, will have an in-house team of architects, interior designers, placemaking strategist, food and beverage consultants and artists.
Another Adgemis asset sold
Public Hospitality Group unraveled from 2024 with Mr Adgemis declaring bankruptcy in October, owing c$1.8 billion.
Sydney properties sold by mortgagees include Manor House at Darlinghurst, in March, The Weeds, formerly the Rose, Shamrock & Thistle, in Paddington, Balmain’s Town Hall Hotel and the Kurrajong Hotel at Erskineville.
The Clifton Hotel in Melbourne’s east Kew, which until early this year accommodated Guy Grossi’s Puttanesca Italian restaurant, was listed for sale August.
Like The Saint, that renovated venue was offered vacant.
Public Hospitality also controls Collingwood’s Vibe Hotel.
“The design will prioritise connection to the street, ensuring a more open, welcoming experience that feels authentically part of the St Kilda fabric,” KPG founder and managing director, Mark Stevens, said of the Fitzroy St property.
“The acquisition of the Saint Hotel reflects our broader ambition to activate iconic sites and contribute meaningfully to Melbourne’s lifestyle landscape,” he added.
“The Saint will offer a multi-level experience anchored in a casual, customer-first ethos – a place designed for locals as much as visitors, with everyday experiences executed at a high standard,” according to the executive.
“A dedicated event space will support weddings, corporate functions, and private gatherings, complementing a broader public offering that spans casual dining, rooftop drinks, and courtyard lounging”.
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