Wallace hunting $26m to revive Adgemis’ Oxford Street wreck

Tom Wallace is seeking $26.6 million to acquire and redevelop the former Jon Adgemis-owned Exchange Hotel in Darlinghurst after signing an $11 million purchase agreement with receivers, despite losing an estimated $8 million on four earlier pub transactions and facing questions over Gibraltar Capital’s capacity to meet legal costs and outstanding judgments.

More from The Australian (subscription required).