Justin Hemmes to replace the Ivy with an international hotel
Justin Hemmes has confirmed to the Daily Telegraph that the Merivale Group’s much loved party location The Ivy will be torn down – and replaced with an international hotel.
The plan, according to Hemmes, is to turn the eight-storey Ivy into a 55-storey international hotel.
He says the plan at the moment is still being drafted. It’s all on paper right now and it might take years to make it real.
All of this, he says, is part of his vision for the site when he bought it for $22 million in 2004.
And it’s a good time to do it too because property values have exploded.
A property value estimation has put the 3000 square metre block at around $65 million.
In a statement, Merivale said Merivale is currently exploring ideas for the long-term future of the ivy precinct.
It said a “number of options being considered including a new hotel, hospitality and lifestyle complex”.
“However, if the project proceeds, it is still many years away and discussions to date have only been preliminary. No final plans have been decided nor time-lines set, and there are certainly no immediate plans to commence redevelopment of the site,” the statement said.
“ivy continues to operate “business as usual” and we look forward to welcoming guests for years to come.”
He says a 55 storey hotel – the maximum allowed under the area’s building restrictions – was the most likely scenario.
Hemmes would not discuss costs but the Daily Telegraph cited real estate sources saying a 55 storey hotel on the site would have a $545 million price tag.
If it does go ahead, Hemmes would become the landlord of one of Sydney’s tallest buildings.
A 55 storey hotel on the site would be on par with the Harry Seidler-designed MLC Centre on Martin Place Street (60 storeys) and 10 floors higher than the nearby Australia Square.
by Leon Gettler, January 29th 2017
