Sweeney family secures troubled former Jon Adgemis pub
The Oxford Tavern has changed hands again, with the Sweeney family taking ownership of the long-closed Petersham hotel following its sale through receivers.
Sweeney Pub Group, led by Mathew and Liam Sweeney, paid $4.62 million for the freehold at 1 New Canterbury Road.
The 734 sqm corner holding, at the corner Crystal Street, close to Petersham station, includes a bar, bistro and outdoor area, with a 3am liquor licence. There are also 10 electronic gambling machine entitlements.
Cameron Gray and Adam Shepard of HM Advisory were the seller, as receivers and managers.
HTL Property directors Sam Handy and Blake Edwards were the agents.
Previous ownership
The sale follows a complicated ownership and financing arrangement involving Sydney businessman John Ibrahim, financier Ben Madsen and hospitality interests associated with Jon Adgemis.
The Thirst Fund Holding Pty Ltd acquired it it for $7m in April 2024, with Oxtav Pty Ltd subsequently recorded as its owner.
Mr Ibrahim’s Thirst Fund Holding was involved in the financing arrangements.
In late 2025, the company commenced legal action against Mr Madsen and Oxtav over an alleged unpaid debt connected with the acquisition.
Thirst Fund Holding previously acquired the property from Oxford Property Holdings for $3.36m in August 2015.
Sweeney expansion
The Sweeney family has brought Angel Kennard into the ownership group as an equity partner (continues below).
Ms Kennard previously served as general manager of the group’s Salisbury and Narooma hotels.
“We’ve had some great success acquiring and improving hotels over the years, and following the sales of the Eveleigh and Narooma, we’re now focused on growing the group further,” Liam Sweeney said.
The group plans to restore the Oxford as a neighbourhood hotel.
The Sweeney Pub Group also owns Stanmore’s Salisbury Hotel.
Its previous investments include the Eveleigh Hotel in Redfern and Narooma Hotel on the NSW South Coast, both of which have been sold.
Redevelopment potential
The Oxford falls within the NSW Government’s Transport Oriented Development planning framework.
A six-storey development could be considered under existing controls, with an eight-level outcome potentially achievable.
The agents added the property attracted unsolicited approaches from developers interested in its redevelopment potential before the formal campaign.
Petersham is six kilometres south-west of the CBD.
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