Merivale has responded to implications the days of ivy are numbered, clarifying news to demolish the site in favour of an accommodation hotel are “still so far from final” and it is business as usual.
Justin Hemmes’ bought the site at 330 George St back in 2004 for $22 million.
In 2007 the Group launched ivy – arguably one of the country’s most ambitious hospitality projects, transforming a web of spaces throughout into a multi-faceted offering.
Yesterday the Daily Telegraph reported ivy was to be “knocked down and replaced” with a 55-storey international hotel, and that Hemmes always planned development on the site, now estimated to be worth around $65 million.
The most likely outcome of the development would be a hotel ten storeys taller than nearby Australia Square, at height limit for the 3,000sqm property, which is guesstimated will cost over $500 million to construct.
Very likely the country’s most patronised licensed venue, ivy sees over two million visitors annually, enjoying its diverse bars and hatted restaurants, event spaces and entertainment experiences, including the stalwart ‘Thursday nights at ivy’, Sunday institution ‘Marco Polo’, dance juggernaut ‘Ministry of Sound Club Australia’ and formerly international super-act Pacha.
In an official statement, Hemmes says redevelopment plans are in consideration, but still some way from a final concept or timeline.
“We can confirm that Merivale is currently exploring ideas for the long-term future of the ivy precinct, with a number of options being considered including a new hotel, hospitality and lifestyle complex.
“However, if the project proceeds, it is still many years away and discussions to date have only been preliminary. No final plans have been decided nor time-lines set, and there are certainly no immediate plans to commence redevelopment of the site.
“ivy continues to operate ‘business as usual’ and we look forward to welcoming guests for years to come.”
