The former Noah’s Backpackers in Bondi Beach, once owned by bankrupt pub baron Jon Adgemis, has sold for $60 million, $8 million below his 2022 purchase price.
The 260-bed hostel, on a prime 866 sqm corner with ocean views, was part of Adgemis’ failed Public Hospitality portfolio, which included 22 venues before collapse.
The buyer, Millinium Capital Managers, has acquired six former Adgemis properties for around $150 million, including the Hotel Diplomat, Empire Hotel, Kurrajong Hotel, Town Hall Hotel, and Three Weeds. Another property, Claridge House, sold separately for $19 million.
Adgemis had planned to transform the Bondi site into the South Bondi Hotel with a rooftop bar and 53 accommodation rooms, but the dilapidated, graffiti-covered building went to receivers after his $1.8 billion debt crisis.
Colliers’ Matthew Meynell called it “a truly iconic beachfront property” and noted the strong market appetite for “built form, high presence hospitality opportunities in gateway precincts.”
This sale marks another step in winding down Adgemis’ pub empire and liquidating key assets.
