Hemmes snaps up Melbourne car park for mega entertainment precinct
Hospitality mogul Justin Hemmes' Merivale Group has acquired a prominent City of Melbourne car park, paving the way for a major new entertainment precinct. The planned development at 36-40 Little Collins Street will feature a mix of restaurants, cafes, bars, a hotel, retail spaces, and a "sky garden".
The ambitious project will include a Melbourne outpost of Hemmes' popular Mimi's restaurant, known for its caviar service, mirroring the Coogee location. A new branch of his Italian eatery, Totti's, will also open within the precinct, joining existing locations in Bondi, Rozelle, and Lorne.
While the sale price for the eight-storey "Parkade" car park remains undisclosed, industry sources have previously valued the property at over $110 million.
Hemmes described his vision for the site as a "jigsaw" of interconnected venues, designed to create a vibrant hub of activity and entertainment.
“I have been incredibly passionate about creating an iconic, creative, hospitality multi-use precinct like this for many years; a social connection hub for all walks of life,” he said.
“Parkade is the dream site for our vision and offers the perfect opportunity for a sustainable and creatively adaptive reuse of a wonderful 1960s local landmark.
“It’s a development that I couldn’t be more passionate about, and we can’t wait to bring this vision to life in Melbourne.”
Hemmes announced ambitious plans for the site that was the former home to the Soi 38 restaurant. The project will feature a mix of restaurants, cafes, bars, live music and entertainment venues, retail spaces, and a boutique hotel.
In a boost for the arts, the development will also include an incubator hub for emerging artists and youth culture, creative studios and offices, galleries, and exhibition spaces. A "public sky garden" with extensive greenery is also planned.
The sale of the car park had faced opposition from some nearby CBD businesses, who relied on the facility for customer parking, particularly those frequenting top-end restaurants, hotels, and theatres in the area.
A Merivale spokesperson stated the company is committed to being sensitive to neighbouring residents and businesses, including the Melbourne Club and its heritage-listed trees. The company will carefully consider the local neighbourhood's amenity, privacy, and noise levels, and will engage with the council, planners, and the wider community throughout the development process.
Lord Mayor Nick Reece welcomed the acquisition.
“Justin Hemmes is the king of Sydney’s hospitality industry – and it’s a huge vote of confidence that Merivale has chosen to invest in Melbourne,” Reece said.
“This entertainment precinct will be right on the doorstep of Melbourne’s world-class theatre district – and create hundreds of jobs and generate millions of dollars for the local economy.
“More than just a typical pub or hotel, Merivale’s ambitious vision showcases our love for culture, music, fine dining and fitness – offering an iconic experience for residents, workers and visitors day and night.”
The settlement date for the car park was set for June 2025.
Jonathan Jackson, 25th February 2025
