Receivers have listed Jon Adgemis’ Balmain icon the Exchange Hotel, offering a multi-level opportunity in one of Sydney’s greatest pub ‘burbs.
The three-level Exchange was built in 1885 in the Georgian style, on a generous 645sqm block. Laying claim as Balmain’s largest pub, it boasts a distinctive wrap-around balcony overlooking the thoroughfare of Beattie Street.
Adgemis bought it in 2016 for around $5 million, with a group of investors, when it was put to market by well-known hospitality identity Peter Beaumont. It was operated by Catalyst Hospitality Management.
What was then Jaga Group later became Public Hospitality Group, which secured a DA to reconfigure the building to facilitate 31 upmarket, ensuited accommodation rooms and a modern f&b operation at street level, with approval for a midnight licence.
PHG spent around $5 million on a capital works program to reposition the historic pub, but did not complete it before disgruntled creditor Deutsche Bank stepped in last October and repossessed it, along with the Empire in Annandale, Diplomat in Potts Point, Claridge Hotel Darlinghurst and South Bondi Hotel (former Noah’s).
The group had targeted several pubs in the area, including Balmain’s Town Hall, sold July 2025, due to its synonymous relationship with traditional pub culture, as seen in the successes of the nearby Dry Dock Hotel and Merivale’s Totti’s Rozelle.
But PHG was aiming for more than another f&b pub, seeing strong forecast demand and limited supply on the Balmain and Rozelle peninsula.
“Balmain undoubtedly lacks upscale accommodation inventory, and in our considered view, the Exchange Hotel product is the perfect tonic to this clear gap in the market,” suggests HTL Property’s Andrew Jolliffe, marketing the asset with colleague Sam Handy.
Receivers and managers McGrathNicol have now listed The Exchange following successful sale campaigns on four former Public Hospitality assets, specifically Universal Hotels buying Claridge House, and Tom Wallis buying Noah’s in Bondi, the Diplomat and the Empire Hotel Annandale.
Sources estimate The Exchange will find sale price of circa $15 million.
The above PHG sale campaigns reportedly generated a total of over 780 unique enquiries, and Handy says the level of activity speaks to “the continued depth of interest” in well located built form hospitality assets.
An Expressions of Interest campaign on the Exchange Hotel closes Wednesday, 18 March.
