Pub baron buys Noah’s Backpackers Bondi Beach for $68M
Pub baron Jon Adgemis has bought Noah’s Backpackers in Bondi Beach for $68 million.
The sale, billed as one of Sydney’s biggest development opportunities, took months of negotiation, however Adgemis’s PUBLIC Hospitality Group beat out big-name players for the privilege.
Other bidders included Ingham chicken heir Robby Ingham and prolific property developer George Karageorge, who is looking to continue to add to his portfolio following the purchase of Surry Hills City Crown Motel for $11.5 million last December.
The 44-year-old Adgemis is the former head of mergers and acquisitions at accounting firm KPMG, but has now turned his attention to the hospitality sector and recently acquired Lady Hampshire in Camperdown, the Strand Hotel in Darlinghurst, the Empire Hotel in Darlinghurst and The Town Hall in Balmain.
Noah’s sits on a 1087sqm site, with 260 beds and an ocean view rooftop.
The property was listed in April by Colliers sales agents, Miron Solomons and Matt Pontey, in conjunction with Oxford Agency’s Daniel Marano and Ralph Garofano.
It is understood the asking price was circa $70 million.
While it is yet to be determined what Adgemis has in store for the property, there are rumours for apartments, a hotel, or a combination of both.
If rumours are true, he will have to battle council to increase the 12.5 metre height limit.
Irit Jackson, 9th June 2022
