Noah’s Backpackers in Bondi Beach, Sydney has sold for $68 million to pub baron Jon Adgemis after months of negotiations.
The 44-year-old, who formerly led KPMG’s mergers and acquisitions department, has acquired the prominent 1087 square metre site that boasts 260 beds and a rooftop with ocean views.
Adgemis is now challenging Justin Hemmes and Stu Laundy to become Sydney’s leading pub baron, with recent acquisitions including Lady Hampshire in Camperdown; Strand Hotel in Darlinghurst; Empire Hotel in Darlinghurst and The Town Hall in Balmain.
Property records show that the two main corner buildings that form Noah’s were purchased for $5.6 million in 1997 and the four-storey block of flats above a laundromat next door for $8.5 million in 2020.
The property was pitched as one of Sydney’s biggest development opportunities.
According to realcommercial.com.au, it is unclear exactly what Adgemis wants to do with the site, but there’s been talk surrounding potential apartments or a hotel.
Noah’s is currently zoned and capped by Waverly Council at a 12.5 metre height.
READ MORE: Jon Adgemis’ pub group seeks to raise up to $40 million in pre-listing refinancing
SOURCE: realcommercial.com.au
