Justin Hemmes splashes $6.8M on Sydney CBD heritage site
Merivale boss Justin Hemmes has splashed $6.8 million on a Sydney CBD site that housed a Woolworths metro store.
Plans for the heritage building 314 sqm ground-floor space site are yet to be revealed, however, it is likely Sydneysiders will see a new Merivale-run bar or restaurant turn up.
Hemmes attended the auction for the building himself and was quick to counter opposing bids – the first being a $6.3 million bid which Hemmes upped by $100,000 to start proceedings.
Several $100k bids were traded, before Hemmes closed out the auction and auctioneer Damien Cooley banged the gavel.
An ad by Real Commercial called the shop, which was owned by Woolworths a “beautiful, refined heritage-listed building with prime retail corner positioning” and that it’s “just one of four comparable properties to be offered in the last 15 years”.
Colliers sales agent Callum Cooke said of Hemmes purchase “he thought it was a good corner position and that it was quite a good price”.
Joseph Lin, the national director, Asia Markets for Colliers, believes the space will make a good restaurant.
The new venue will complement Merivale’s Hotel CBD, which is in the same precinct.
Council approval will be required to turn the York St site into a bar and restaurant space.
The realcommercial ad states it has an “adaptable floor place allowing a variety of ‘value-add’ strategies”; a functional cool-room and a well-maintained ventilation system despite not having a functional kitchen.
Jonathan Jackson, 4th December 2023
