Receivers sell historic Paddington pub
Receivers have sold another asset once part of the Public Hospitality stable.
Paddington’s Three Weeds, formerly known as The Rose, Shamrock & Thistle, collected about $20 million following an off-market deal coordinated by the fund which held the mortgage.
Mr Adgemis’ Public acquired it in 2021; over three levels at 27-33 Oxford Street, the historic building contains a bar and bistro, popular with students from the neighbouring College of Fine Arts.
The buyer this time around is a private syndicate.
HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy represented seller, Australia Pacific Mortgage Fund.
The pub was developed in 1939 replacing another on the block since 1884.
Also last week, Wexted Advisory, a receiver acting for LaTrobe Financial, sold Balmain’s Town Hall Hotel, seized from Public.
That property traded for $9.5m.
Mr Adgemis outlaid c$8m in 2017 before repurposing it as a commercial and retail investment.
Meanwhile in March receivers sold Darlinghurst’s Manor House – an unrenovated inn – for $8.5m.
Public paid $8.25m for that asset in September, 2022.
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