The former Noah’s Backpackers site in Bondi Beach, once the flagship property of bankrupt pub baron Jon Adgemis, has officially been listed for sale.
Adgemis, a former KPMG dealmaker who reportedly owes $1.8 billion, purchased the high-profile Campbell Parade site for $68 million in 2022.
He rebranded it as the South Bondi Hotel and secured council approval for a major redevelopment featuring a rooftop bar overlooking Bondi Beach.
Now under receivership with McGrathNicol, the Bondi property has been listed alongside the Hotel Diplomat in Potts Point, which Adgemis’ Public Hospitality Group acquired for $16.5 million in 2022.
Both are being marketed by HTL Property and Colliers.
Colliers’ Matthew Meynell called the former backpackers “a truly iconic beachfront property located at Sydney’s most famous beach” and “a rare blank canvas” that could become “a landmark that defines coastal living.”
The 866-square-metre block includes plans for 53 accommodation rooms and multiple bar areas.
The Diplomat Hotel is also expected to attract investor attention for its prime inner-city location and “vibrant urban culture.”
The sale follows a series of asset seizures linked to Adgemis’ financial collapse, including his family’s Rose Bay home, which sold for $12 million, and several Sydney pubs, among them The Empire Hotel in Annandale, The Exchange in Balmain, and Claridge House in Darlinghurst, now under lender control.
Adgemis founded Public Hospitality in 2021, growing it to 22 venues before its downfall under mounting debt.
