By Vanessa Cavasinni, editor Australian Hotelier
Another Sydney pub has been saved from being razed for apartments, with local investor Jon Adgemis purchasing the Exchange Hotel in Balmain.
Adgemis, who is the Partner in Charge, Mergers and Acquisitions for auditing firm KPMG, paid approximately $5 million for the pub, and plans to reinvest in the hotel and reinvigorate the local community’s interest in the venue.
A large pub for the area, over multiple levels, the Exchange Hotel houses three bars, a bistro, a café area and multiple function spaces.
Miron Solomons of Collier International, who handled the campaign alongside partner Vince Kernahan, said that the untapped features of the pub made it an attractive investment.
“The Exchange Hotel is certainly unlike most hotels in the area. Its size alone over the multiple levels offers potential for diverse incomes streams and we received strong interest from national owner occupiers, investors and value-add specialists throughout the sales campaign.”
Solomons also added that with other suburbs of Sydney City being so tightly held, Balmain is an area of renewed interest for Sydney hoteliers.
“With the buzz around White Bay, Balmain is starting to attract new interest from creative users, especially with Surry Hills and Pyrmont close to full occupancy, it appears that Balmain could be the next creative hub.”
The Exchange Hotel is the second Sydney pub in as many weeks to be saved from demolition, with Merivale purchasing the Alexandria Hotel, with the intentions of restoring it to its former grandeur.