Justin Hemmes to put new jewel in the Merivale crown
Justin Hemmes has purchased the Kings Green development site for about $200 million.
It is thought the Sydney CBD location will one day be transformed into a super complex that could rival Hemme’s landmark Ivy party palace.
The purchase means the planned $1.8 billion office skyscraper that was touted for the site, will make way for high-end bar and restaurant precincts.
Hemmes has four buildings in the King, Clarence and York Street precinct between Town Hall and Wynyard. His intention: to create Laneway-style restaurants and form a land bank that connects with the Hotel CBD on King Street.
Merivale is set to revamp the heritage styled buildings and turn them into a major entertainment precinct. A boutique hotel may also be on the agenda, with no skyscraper on the agenda.
Hemmes is acquiring his late property from TrueGreen Positive Impact Group at a time when revellers and diners are flocking back to the city to unleash two years of COVID frustration. Other venues including pubs in the NSW coastal towns of Narooma and Byron Bay, as well as a Melbourne CBD (Tomasetti House on Flinders Lane and the Lorne Hotel) are also benefitting.
Hemmes is now worth $1.3 billion with South-East Asian restaurant MuMu at the Ivy, dumpling house Mr Wong, the luxe Mimi’s at Coogee Pavilion all contributing to the growth of his empire.
Irit Jackson, 23rd May 2022
