THE PROPERTY DEVELOPMENT REVIEW
“I thought I could bring a skillset to KPMG that they didn’t have through public market transactions, and further to that, [I could] really make my mark in that business.” HIS WORK IN REAL ESTATE, AND HOW HE MAXIMISES HIS PUBS Whilst Adgemis’ property venture, The JAGA Group, was only founded in 2015, Adgemis acknowledges that he had a history with and a passion for real estate. “I was buying some of the real estate assets that I own today back in 2008, 2010. JAGA was formed... in 2015 as a holding company, but some of the real estate I’ve held for some time.” His mandate has always been to buy unoccupied commercial property and tenant it out himself, and he found success with this particular mandate. Adgemis reconfigured his sights on the pub market in the wake of the lockdowns in 2020, as opportunities to take advantage of the industry’s contraction began emerging. He would acquire sites and immediately reconfigure spatial allocations, to better maximise holding income. He cites his purchases of both Darlinghurst’s The Strand and Annandale’s Empire Hotel as examples of this strategy. “The way in which we looked at those assets was that they’re well-positioned assets. They’re doing very well on the ground level, but there’s greater opportunity in everything above the ground.” Whilst the previous operators were doing great business, Adgemis felt that they had missed opportunities by not spending as much time
fitting out the accommodation offerings these properties possessed. “I’ll take The Strand for example: we decided to refit all the rooms upstairs and take them back to what they were many years ago, which was really nice accommodation. And then we decided to invest in a rooftop, and what we’ve achieved is a weekly turnover that is two times what the previous operator did.” By viewing his hospitality venues as an ecosystem of offerings, as opposed to just a pub, Adgemis can make the most of every revenue stream possible. SOCIAL INVESTING IS HIS FUTURE When asked which industry or sector Adgemis sees himself moving into, it isn’t a property asset class or corporate division that the executive expresses interest in. It’s social investment. “I think that my focus will be more around social investing, going forward.” For Adgemis, his priority is to contribute to the disability service space. “I’ve got a strong desire to spend a lot more time building accommodation in the NDIS space, because I’ve got a nephew with a disability, and I think the accommodation that’s out there could be done better.” Whilst he doesn’t see himself giving up his business ventures anytime soon, Jon Adgemis sees a greater purpose in improving the lives of those less fortunate than himself. Instead of resting on his laurels, he’s committed to trying to do give back in some measure. “It’s probably not driven by return as much. It’s more about where I can use some of my skills to create social good.”
The Strand - Adgemis purchased the Darlinghurst establishment in 2021
Summer 2022/2023 – 7
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