Hemmes puts $1.5bn Ivy project on hold
Justin Hemmes has put plans for a $1.5 billion skyscraper at the Ivy precinct in Sydney on hold, however he has no shortage of projects in the works.
The hospitality giant continues to move up the Rich List’s Richest 250 rankings, as he continues to expand his empire. Hemmes is worth $1.52 billion.
“Without sounding boring, I have more in the pipeline than I have ever had,” he told The Australian. “I am more excited about hospitality and development this year than I have ever been.”
Despite this, when asked about his plans to demolish his landmark The Ivy development in Sydney’s George Street, he said “Not at this stage”.
He is, however, focused on the property/hospitality mix and now has more than 90 venues including the Establishment Hotel and Mr Wong, Mimi’s and Felix.
While many of his contemporaries on The List discovered property after making their fortune, Hemmes discovered property at the same time as he was building his hospitality wealth.
“I have always been in both hospitality and property development,” Hemmes told The List.
“I don’t know any other way. They are very different, but they are also similar. Property development and hospitality are interconnected.
“I develop the buildings and the sites for the hospitality part of the business. And the hospitality reaps the benefits. They are reliant on each other…
“The hospitality is the purpose. It’s both incredibly rewarding and tactile, which is what I love. You can see the results, physically … and with the development … you can see the satisfaction of the guests.”
Jonathan Jackson, 12th March 2024
