Veterans' charity lands $19m windfall as Merivale snaps up CBD heritage site
Merivale empire has moved to strengthen its grip on the Sydney CBD, acquiring the former Combined Services RSL sub-Branch building, known as the Barracks on Barrack Club for $19 million.
The purchase of the Martin Place venue represents the latest piece in Merivale's ambitious Kings Green masterplan, a sweeping transformation of five heritage buildings across King, York, Clarence and Barrack streets into an interconnected precinct of dining venues, bars, a boutique hotel and premium offices. The company paid around $200 million for the core Kings Green site in 2022 and unveiled its development plans in 2024, with the Martin Place site now bolstering that vision considerably.
For the veterans' charity on the other side of the transaction, however, the deal carries a significance well beyond real estate. The Combined Services RSL sub-Branch — a registered charity serving former service men and women and their families — voted to offload the four-level property after two years of deliberation, with every cent of the $19 million proceeds directed back into veteran services.
Funds will go towards advocacy and compensation assistance, mental health and wellbeing support, employment programs, sport and recreation, and the peer connection that veterans say matters most after leaving the military. The Daily Telegraph reports the sale was precipitated in part by the building falling into a state of disrepair after its most recent commercial tenant had their lease terminated for falling behind on rent.
Sub-Branch president Bill Forsbey told The Daily Telegraph the decision was straightforward.
"We are a charity for veterans. That means our money goes to veterans, not into a rundown building. This sale puts $19 million to work for them."
The charity is not departing the city, but is instead seeking a new street-level home in central Sydney — one purpose-built for accessibility and community, where veterans can walk in without an appointment.
"For too long our sub-Branch has been an office on the second floor of a tired old building. We want somewhere veterans can drop in, somewhere modern, warm and welcoming, somewhere that feels like ours. If you served, we are here," Forsbey said.
The deal arrives as the broader RSL movement is experiencing a resurgence, with RSL NSW reporting membership growth of 42 per cent since launching its Strategic Plan in 2021, with more than 12,000 new members joining and a growing cohort of younger veterans taking on sub-Branch leadership roles.
Jonathan Jackson, 1st June 2026
