Another lender does not want the sale to go ahead. The crisis highlights the rosy valuations of the indebted pub baron’s properties.
One of the lenders to heavily indebted pub baron Jon Adgemis is attempting to sell another of his properties, a 19-room boutique hotel in Sydney’s Darlinghurst, to recoup losses, despite talks about a fresh refinancing led by Deutsche Bank.
Mr Adgemis bought the Darlinghurst hotel property in 2022 for $8.25 million with a $12.7 million loan from Millbrook Group, which pitches credit funds to investors, according to a document from the lender.Millbrook told its investors the loan-to-value ratio in the deal was 55 per cent as it was based on a $23.1 million valuation of the property the firm had acquired from Egan National Valuers.
But Millbrook has now listed Manor House with Savills. The site does not appear to have been drastically improved since Mr Adgemis’ purchase and the photographs show it would need a renovation to attract guests.
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