This article is from the Australian Property Journal archive
BALMAIN’s Exchange Hotel has been purchased by local investor Jon Adgemis for circa $5 million.
The venue was built in 1885 and comprises the Beattie Bar, Bistro, Balcony bar and new café and bar Oliver’s Corner, as well as function rooms and new restaurants.
The freehold sits on a 640sqm corner site at 94 Beattie Street in Sydney’s inner-west, with a net lettable area of 1,076sqm.
Colliers International agents Miron Solomons and Vince Kernahan negotiated the sale, and said the property has the potential to unlock multiple income streams and development upside, with an opportunity for a mixed use conversion (subject to council approval).
Solomons said there are very few freehold opportunities available and in particular undercapitalised value-add opportunities in an area like Balmain.
“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 concluded.
Australian Property Journal
