At the forefront of the resurgence of hospitality and in a return home after widespread expansion, Justin Hemmes’ Merivale has secured a massive site on Sydney’s King Street – to become the city’s newest entertainment precinct.
News has emerged of Hemmes’ acquisition of the Kings Green development site for an estimated $200 million, being four adjoining buildings on King, Clarence and York streets.
The 2,143sqm site between Town Hall and Wynyard was amassed by TrueGreen Positive Impact Group for around $170 million, with plans for a 49-storey eco-friendly office tower.
A change in direction meant the tower would no longer go ahead and a subsequent sales campaign drew interest from a spectrum of developers.
But deemed the best option for the spaces was a new entertainment precinct effectively surrounding Merivale’s Hotel CBD, on King Street, which was Justin Hemmes’ first property.
Merivale is said to be undertaking a major revamp of the existing buildings, preserving their heritage elements while creating a network of bars and dining offerings within.
Hemmes saw the pandemic shake-up and national shutdown as something of an opportunity, and after refinancing his debt facility began a spending spree while many of the group’s venues were intermittently shut, amounting to around $350 million in new assets over the past two years.
These have included properties north and south of Sydney, from the Cheeky Monkey in Byron Bay to multiple properties in Narooma, and notably – a big new push into Victoria, taking Tomasetti House in Melbourne in late April, and the elegant Lorne Hotel in May.
In 2019, Hemmes revealed his plans for a $300 million skyscraper development on the site of ivy, to include a network of laneways lined with Merivale dining spaces, and a ballroom and penthouse for functions.
The group declined to comment on the new project at this time, but further news is pending.
