A new look for the former Balmain Town Hall pub

The redeveloped former Town Hall hotel in Balmain, has been turned into a freehold fully-leased mixed-use property.

After buying the pub in 2017 from the Balmain Pub Group for $7 million, developer John Adgemis, has reinvented it, bringing in new tenants, the US-based gym business Orange Theory and its associate Massage Envy.

But he has also kept the former pub's liquor licence for a bottle shop, the Booze Exchange.

The property’s sale is being handled by  Miron Solomons, James Cowan and Henry Burke of Colliers International and Daniel Gunning of Gunning Real Estate.

They expect it will fetch a price close to $13 million.

“With a net income of over $730,000 and multiple international tenancies including Orange Theory which has over 750 fitness centres globally; this auction presents the perfect opportunity for investors to capitalise on the significant growth in the peninsular,” Mr Solomons, director of investment services at Colliers International told the Sydney Morning Herald.

Mr Adgemis has been busy.

His Eastern Property Alliance business recently bought the Swanston Hotel in Erskineville.

He is now planning a $5 million upgrade to rejuvenate the pub and add two floors of residential stock above the existing retail space.

And the group has also turned the former Trademark hotel in Kings Cross, under the famous Coke sign into a Holy Moly putt-putt golf and bar venue, reflecting the changing demographics of Potts Point.

The change in consumer tastes to less gambling and better food offerings, combined with the increased land value that comes from a redevelopment of well-located premises, are now driving this shift in pubs from being the local with pokies and beer only, to new mixed-use sites.

It also coincides with the inner west area receiving an economic boost with 6000 new jobs to be created as a result of the creative mixed-use rezoning for the Victoria Road Precinct in Marrickville.

Leon Gettler - 18 April 2018