Jon Adgemis receivers sell Potts Point hotel again
Oscars Group has bought a Potts Point guesthouse after a deal late last year to Tom Wallace’s Millinium Capital didn’t proceed.
The Hotel Diplomat at 17 Bayswater Road set the hospitality giant led by brothers Bill and Mario Gravanis back about $20 million.
McGrathNicol, as receiver, offered it.
The pub formed part of a portfolio by failed operator Jon Adgemis who paid $16.5m in late 2022 then renovated.
Second campaign
Millinium was reported to have paid $21m for the Hotel Diplomat.
Mr Wallace, formerly with ASX-listed Lantern Group, actually agreed to buy seven dozen properties from the Adgemis portfolio, listed since last year.
However two more it acquired via McGrathNicol also failed to settle: the South Bondi Hotel, for years until recently known as Noah’s Backpackers, for which he agreed to pay c$60m, and Annandale’s Empire Hotel (c$21m).
Coincidentally, Mr Adgemis’ Public Hospitality Group bought the Empire from Oscars in 2021.
Kings Cross precinct pub
On 446 square metres zoned Local Centre, the Potts Point site can accommodate a 27 metre building with a 5:1 floor space ratio.
The current improvement rises five floors with a ground floor bar and bistro and 51 boutique accommodation rooms. There are also two vacant retail tenancies.
Colliers’ Matthew Meynell, Karen Wales and James Cowan with HTL Property’s Sam Handy, Andrew Jolliffe and Andrew Jackson were the agents.
The McGrathNicol receivers and managers are Jonathan Henry, Kathy Sozou and Damien Pasfield.
Potts Point is about two kilometres east of Sydney’s CBD.
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