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Capital Gain<\/p>\n
One of the three Melbourne pubs swept up in the spectacular collapse of Jon Adgemis\u2019 pub empire is back on the market again.<\/p>\n
The Clifton Hotel on Kew Junction was controlled by the former KPMG high-flyer\u2019s Public Hospitality Group. Adgemis collected a portfolio of 22 pubs, most of them in Sydney, before he was forced into bankruptcy last October owing $1.8 billion.<\/p>\n
![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/8f1375cdfc4e92b0e4ac60003f14c2aa86277daa.jpeg\")
The Clifton Hotel in Kew.\u00a0<\/p>\n
His affairs and playboy lifestyle came under forensic examination in the Federal Court<\/a> in Sydney last week following his group\u2019s disastrous implosion.<\/p>\n Last year, receivers listed the Kew hotel for sale at between $7 million and $8 million, but that was when the pub was still operating. It closed last year for maintenance and hasn\u2019t reopened since.<\/p>\n Luckily, the two billboards above the roof, leased to 2031, are bringing in some cash.<\/p>\n HTL\u2019s Scott Callow, Daniel Ryan and Andrew Jolliffe have the listing but declined to provide a price guide for the pub which is being offered on a freehold or leasehold basis. The venue features an open-plan kitchen with a wood-fired pizza oven, bars, a private boardroom\/dining space and an outdoor terrace.<\/p>\n It\u2019s across the road from the four-tower project that Orchard Piper and James Packer\u2019s NPACT group are aiming to build on the former Leo\u2019s Fine Food & Wine supermarket site.<\/p>\n Plans have been drawn up for a seven-level hotel to be built above the pub, but local laws now allow for up to 12 levels at the junction, so a property developer may be the likeliest buyer.<\/p>\n Records show Adgemis\u2019 Public Hospitality Group paid $6.8 million for the pub in July 2021 and scored a high-profile tenant in Guy Grossi\u2019s Puttanesca Osteria. But that was a short-lived venture.<\/p>\n The title shows three mortgages and five caveats over the property. The same number of mortgages and caveats cover another of Adgemis\u2019 pubs, The Vine Hotel in Collingwood.<\/p>\n Last year, the shelf company which owned the empty pub in Collingwood appeared to have gone unnoticed<\/a> by Adgemis\u2019 corporate undertakers.<\/p>\n Records show Adgemis\u2019 shell company, The Vine At Collingwood Pty Ltd, which paid $4.75 million in November 2021 for the hotel, was deregistered in May. The hotel must surely be next on the sales list?<\/p>\n Related Article The pub on the corner of Derby Street at 59 Wellington Street is next to Gurner\u2019s Victoria & Vine apartment project. Sure there\u2019s a fancy health club in there, but a pub downstairs is a no-brainer.<\/p>\n Some reports suggest Adgemis was trying to install a George Calombaris restaurant in the pub.<\/p>\n Public Hospitality\u2019s third Melbourne venue was the Saint Hotel on Fitzroy Street, St Kilda, which boasted a short-lived Karen Martini restaurant.<\/p>\n It sold at auction shortly before Christmas to the Kokoda Group for $8.4 million. Sales of the 22-hotel portfolio have so far yielded about $80 million.<\/p>\n Tidy profit<\/p>\n BWP, the listed trust which owns 66 Bunnings Warehouses around Australia, has splashed out $25.5 million on the Sunbury Lifestyle Centre.<\/p>\n The vendor, Kinglake, made a tidy profit on the property which it bought just 18 months ago for $19.6 million. The deal reflected a tight yield of 5.2 per cent.<\/p>\n The 5554-square-metre centre is on a 12,140 sq m site at 85 Vineyard Road, next door to the local Bunnings. Tenants included The Good Guys, Repco, Total Tools and Petstock.<\/p>\n The move is part of BWP\u2019s strategy to diversify its income from the purely Bunnings stream and gives the trust control over a 4.78-hectare chunk of land.<\/p>\n According to BWP\u2019s recently reported annual results, it derives 67 per cent of rental income from Bunnings Warehouses and 16 per cent from standalone LFR centres. About 12 of its portfolio of 82 properties are large-format centres.<\/p>\n Colliers agents Tim McIntosh and Will Heffernan, with Stonebridge\u2019s Justin Dowers, Rorey James and Kevin Tong did the deal.<\/p>\n The property attracted 13 first-round offers from local and interstate private investors, syndicates and institutional buyers and five second-round bids, McIntosh said.<\/p>\n Jewellery shop<\/p>\n The former Kozminsky jewellery shop on Bourke Street, once tipped to be the new home of the Hopetoun Tearooms, is back on the market, vacant.<\/p>\n Built in 1859, the 380 sq m property is on the corner of McKillop Street next door to Cbus Property\u2019s new tower at 435 Bourke Street which will feature two restaurants owned by Chris Lucas.<\/p>\n There were grand plans for the Hopetoun Tearooms to occupy the entire three-storey building at 421 Bourke Street, but they never came to fruition.<\/p>\n The Bourke Street building last changed hands in 2019 for $7.6 million, when the Bellesis family, which runs auto plastics moulding business Socobell, bought it from the Giannarelli family.<\/p>\n It was the same price the Giannarellis paid in 2017 when the 165-year-old jeweller, Kozminsky, closed after more than 40 years on Bourke Street. The building has been vacant for nearly 10 years.<\/p>\n Colliers\u2019 agents Christian Hatzis, Matt Stagg and Ryan Milivojac are running an off-market invitation-only process for the building and expect more than $7 million.<\/p>\n Investors and hospitality groups are expected to make a play for the property which is in the heart of a new corporate precinct.<\/p>\n Fast food<\/p>\n With the fast-food market growing at speed, it\u2019s no surprise investors are hotly pursuing takeaway joints.<\/p>\n Last week, a new flagship Nando\u2019s in Cranbourne North sold for $5.84 million, reflecting a yield of 5.3 per cent.<\/p>\n An interstate investor snapped up the new strata outlet which is in Oreana\u2019s WT Business Park, alongside KFC and Zambrero.<\/p>\n Stonebridge agent Rorey James, who did the deal with Kevin Tong, said five of their last six buyers in this sector were from interstate.<\/p>\n \u201cSo many interstate buyers are seeing value in Victoria. They\u2019re taking a long-term view,\u201d James said.<\/p>\n Other recent deals include the Mount Waverley Red Rooster which fetched $6.47 million with a 4.84 per cent yield and a KFC in Clayton, which is understood to have sold for a price reflecting a 4.5 per cent yield.<\/p>\n Related Article The Cranbourne outlet is on a large 1141 sq m site with drive-through facilities and returning $309,585 a year in rent. A new 15-year lease has options out to 2060.<\/p>\n In Box Hill, an El Jannah charcoal chicken shop sold at auction for $4.55 million on a yield of 5.38 per cent.<\/p>\n It\u2019s a bullish result for the 648 sq m shop at 422 Station Street which is south of Box Hill\u2019s CBD near the corner of Canterbury Road.<\/p>\n It\u2019s in a small block of strip retail with no drive-through capacity but a long 20-year lease.<\/p>\n Six bidders made a play for the shop, which sold to a local investor.<\/p>\n JLL\u2019s Dominic McGrath, Romanor Falconer, and MingXuan Li handled the auction.<\/p>\n \u201cWe saw traditional fast-food investors competing alongside private buyers making their first acquisition,\u201d Falconer said.<\/p>\n New research from Roy Morgan shows 19.2 million Australians (that\u2019s 82.5 per cent of us) ate takeaway food last year \u2013 an increase of 6.7 per cent since 2021-22 \u2013 with Millennials the biggest consumers.<\/p>\n The Market Recap newsletter is a wrap of the day\u2019s trading. Get it each weekday afternoon<\/a>.<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/05312c88560bb7875fdc3ae6e121734829400dc9.jpeg\")
The Vine Hotel in Collingwood.<\/p>\n![\"297](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/734a9e5eff5810f5a579ead0dfac3b7971cf521f.jpeg\")
<\/a><\/p>\n![\"Sunbury](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/cbd5155e4990387aa377626b943f7fd85a6a0948.jpeg\")
Sunbury Lifestyle Centre has been purchased by BWP Trust.<\/p>\n![\"421](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/7e919b7294e7fb1abda55a0ad0e4866e5e450edf.jpeg\")
421 Bourke Street is next door to Cbus Property\u2019s new tower.<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/24dac52e721e87ff4ed73b1c6ea4fb496eb3014f.jpeg\")
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