Balmain’s Iconic Exchange Hotel has been purchased by local investor Jon Adgemis, for circa $5 million, with the aim to reinvent the asset to entice the locals back to the heritage listed, iconic establishment.
Built in 1885, the Exchange Hotel boasts a long history of being Balmain’s favourite meeting place, comprising the popular Beattie Bar, Bistro, Balcony bar and new cafe and bar ‘Oliver's Corner’, not to mention numerous elegant function rooms and smart new restaurants.
Superbly located at 94 Beattie Street, just 6kms west of the Sydney CBD, the freehold property grandly sits on a 640sqm site on the corner of Beattie and Mullen Street and offers approx. 1076sqm of NLA.
Miron Solomons and Vince Kernahan of Colliers International 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).
Mr 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.
“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”.