Latest news with #Hemmes'
Sydney Morning Herald
22-05-2025
- Business
- Sydney Morning Herald
Can't park the Ferrari? Just pay a record $600,000 for a patch of concrete near Circular Quay
Sitting on the corner of York and Market Streets opposite pub baron Justin Hemmes' CBD pub, the 1000 square metre building has stood empty since 2017. It was built in 1901 in an Edwardian-era style. Hemmes' Merivale has earmarked the Kings Green precinct, as it is known, as the new focus for his pub empire as he looks to redevelop the IVY properties in George Street down the track. Lagudi, who made headlines with his wife, Frances, when they paid $13.5 million for a Point Piper apartment in 2016, is selling the freehold of the four-storey red brick heritage building and while no sale price was disclosed, expectations are it will go for more than $20 million. The 30 York Street property has undergone a major refurbishment, with an upgraded lift, a new roof featuring a rooftop skylight, updated amenities and refreshed flooring. It sits at the gateway to the luxury retail precinct, surrounded by flagship stores including Chanel, Hermès, Louis Vuitton and Cartier. There is zoning for luxury retail, boutique office, or a reimagined hospitality venue. The pub has a hotelier's licence with 11 gaming machine entitlements and approval for 24-hour trade. JLL's Willem Watson, Harry Borger and Kate MacDonald have been appointed to manage the sale in conjunction with Cabmon Property's Peter Seeto. In a separate deal, the multistorey Agincourt Hotel in Sydney's southern CBD has been sold for the first time in 25 years for about $30 million. It was bought by a new, private pub investor from a consortium headed by former publican Terry Reichel, who once owned The Courthouse Hotel in Darlinghurst. HTL Property agent Dan Dragicevich and Andrew Jolliffe handled the sale. Hotel deals The Crowne Plaza Sydney Coogee Beach, the favoured spot for the NSW Rugby League State of Origin team to stay when in training, is to be rebranded as the InterContinental Sydney Coogee Beach as part of a deal between IHG Hotels & Resorts and the Salter Brothers. It is part of a wider scheme that will also see Crowne Plaza Melbourne become the InterContinental Melbourne and the Crowne Plaza Canberra to be redeveloped into the new InterContinental Canberra. Loading A second hotel will also be developed on this site, to bring Hotel Indigo to Canberra. InterContinental Melbourne the Rialto will transform into the Regent brand. The deal is said to be a precursor for an ASX listing by Salter for its portfolio worth about $2 billion. The deal comes hot on the heels of Accor, the largest hotel operator in Australia and New Zealand, signing a significant portfolio of hotels with Bayview International Hotels & Resorts. The partnership will see Accor take over the management of three properties including the Sydney Boulevard Hotel in East Sydney, Bayview Geographe Resort in Busselton Western Australia, and Wairakei Resort Taupo in the North Island of New Zealand. Multistorey shed In a major deal, Australian and New Zealand fashion retailer Glassons will be the first tenant to move into Stockland's first multistorey logistics facility, Stockland Momenta, located within the south Sydney industrial precinct in Banksmeadow. Glassons will occupy the second storey, which spans around 7800 square metres, for an initial six-year period. Once it has been redeveloped, the 15,000 sq m Momenta will be a part of Stockland's $6.1 billion national logistics development pipeline.
The Age
22-05-2025
- Business
- The Age
Can't park the Ferrari? Just pay a record $600,000 for a patch of concrete near Circular Quay
Sitting on the corner of York and Market Streets opposite pub baron Justin Hemmes' CBD pub, the 1000 square metre building has stood empty since 2017. It was built in 1901 in an Edwardian-era style. Hemmes' Merivale has earmarked the Kings Green precinct, as it is known, as the new focus for his pub empire as he looks to redevelop the IVY properties in George Street down the track. Lagudi, who made headlines with his wife, Frances, when they paid $13.5 million for a Point Piper apartment in 2016, is selling the freehold of the four-storey red brick heritage building and while no sale price was disclosed, expectations are it will go for more than $20 million. The 30 York Street property has undergone a major refurbishment, with an upgraded lift, a new roof featuring a rooftop skylight, updated amenities and refreshed flooring. It sits at the gateway to the luxury retail precinct, surrounded by flagship stores including Chanel, Hermès, Louis Vuitton and Cartier. There is zoning for luxury retail, boutique office, or a reimagined hospitality venue. The pub has a hotelier's licence with 11 gaming machine entitlements and approval for 24-hour trade. JLL's Willem Watson, Harry Borger and Kate MacDonald have been appointed to manage the sale in conjunction with Cabmon Property's Peter Seeto. In a separate deal, the multistorey Agincourt Hotel in Sydney's southern CBD has been sold for the first time in 25 years for about $30 million. It was bought by a new, private pub investor from a consortium headed by former publican Terry Reichel, who once owned The Courthouse Hotel in Darlinghurst. HTL Property agent Dan Dragicevich and Andrew Jolliffe handled the sale. Hotel deals The Crowne Plaza Sydney Coogee Beach, the favoured spot for the NSW Rugby League State of Origin team to stay when in training, is to be rebranded as the InterContinental Sydney Coogee Beach as part of a deal between IHG Hotels & Resorts and the Salter Brothers. It is part of a wider scheme that will also see Crowne Plaza Melbourne become the InterContinental Melbourne and the Crowne Plaza Canberra to be redeveloped into the new InterContinental Canberra. Loading A second hotel will also be developed on this site, to bring Hotel Indigo to Canberra. InterContinental Melbourne the Rialto will transform into the Regent brand. The deal is said to be a precursor for an ASX listing by Salter for its portfolio worth about $2 billion. The deal comes hot on the heels of Accor, the largest hotel operator in Australia and New Zealand, signing a significant portfolio of hotels with Bayview International Hotels & Resorts. The partnership will see Accor take over the management of three properties including the Sydney Boulevard Hotel in East Sydney, Bayview Geographe Resort in Busselton Western Australia, and Wairakei Resort Taupo in the North Island of New Zealand. Multistorey shed In a major deal, Australian and New Zealand fashion retailer Glassons will be the first tenant to move into Stockland's first multistorey logistics facility, Stockland Momenta, located within the south Sydney industrial precinct in Banksmeadow. Glassons will occupy the second storey, which spans around 7800 square metres, for an initial six-year period. Once it has been redeveloped, the 15,000 sq m Momenta will be a part of Stockland's $6.1 billion national logistics development pipeline.
Daily Mail
29-04-2025
- Business
- Daily Mail
Justin Hemmes' expansion into Melbourne hits a snag after $55million splurge on a car park
Sydney billionaire Justin Hemmes could see his ambitious plans to set up a 'creative wonderland' in Melbourne 's CBD shot down as a private club tries to block it. Merivale Group bought the eight-storey car park on 34/60 Little Collins Street and unveiled plans in February to build a range of attractions at the 'Parkade'. Design documents said the 'creative, social precinct' would revitalise Melbourne with a gallery, 'incubator hub' for artists, boutique hotel and live music But one historic institution appears to have taken a stand against the 'creative wonderland'. The Melbourne Club, founded in 1838, does not discuss affairs with the media, but an insider has told The Age the plan dismayed members due to the potential loss of parking. A second source from the private gentleman's club also said members 'will do what it takes' to stop Mr Hemmes' plan. As a result, the club has reportedly acquired a 50 per cent stake in the Parkade's current lease - giving it a legal right to have a say in the site's future. It is a $5.5million move with overwhelming approval from members of the club who voted on it at a closed-door meeting on March 31. Property company Dexus holds the existing lease with the City of Melbourne council to operate the eight-storey car park on the site until June 2037. But the sale of the Parkade was approved by the City of Melbourne council in February, with settlement agreed for June of this year. This did not terminate the current lease so Merivale and Dexus have been left to reach a mutual agreement to change the use of the site. But The Melbourne Club, now with a legal stake in the current agreement, is not expected to negotiate with Hemmes' Merivale to end the lease. The Club has been based at 36 Collins Street in Melbourne since 1859, with a rear garden backing onto Little Collins Street. Trees, foliage and a wall ensure the garden remains private, though a view from Google Maps shows that the back of the property is opposite the car park. A second source said members felt they had not been adequately consulted by Merivale on the project. 'They're more than willing to stand up to him. They've definitely got the funds, and they also have access to some of the city's best lawyers if it comes to that,' they said. The Melbourne Club declined to comment when contacted by Daily Mail Australia. Hemmes said in February that his plan for the Parkade will offer an opportunity for 'revitalisation and repurposing of this under-invested yet wonderful site'. 'This is our boldest and most innovative project that we have embarked upon to date; a vision that I've been conceptualising and refining for a decade,' he said. In the published plans, Merivale Group said the site is not a nightclub but a 'creative, social precinct', including for families, creatives and tourists. Lord Mayor Nick Reece hailed Hemmes as 'king of Sydney's hospitality industry' and his hopes for 'cementing Melbourne's future as a hospitality tour de force'. 'It's a huge vote of confidence that Merivale has chosen to invest in Melbourne,' he 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.'
News.com.au
28-04-2025
- Business
- News.com.au
‘Will do what it takes': Exclusive club's plan to block Merivale's Melbourne CBD plan
One of Melbourne's most exclusive gentlemen's clubs has moved to block billionaire restaurant baron Justin Hemmes' contentious plans to turn a car park in one of the city's most sought-after pockets into a 'hospitality, entertainment and creative wonderland'. Mr Hemmes, the so-called 'king' of Sydney's hospitality scene, purchased 34-60 Little Collins Street in February for $55 million. Transforming the eight-storey, 1000-space car park – located at the Paris End of the Melbourne grid – into a multi-level precinct with restaurants, cafes, bars, a live-music venue and hotel accommodation, is his Merivale empire's 'boldest and most innovative project' to date. The location, which straddles Little Collins and Bourke Streets, 'is crying out for life and vitality at scale and of an international-level quality', the 52-year-old has said. Mr Hemmes' grand vision has already caused uproar among Melburnians, including the owners of some of the CBD's most iconic establishments. This week, it hit a new roadblock when The Age reported the Melbourne Club will use a long-dormant financial contract to acquire a 50 per cent stake in an existing lease of the Little Collins Street car park, blocking the precinct's construction. Merivale did not respond to a request for comment. The heritage-listed club house – home of Melbourne's business leaders for more than a century – sits metres from Mr Hemmes' proposed redevelopment. Members of the conservative establishment voted on March 31 to spend $5.5 million buying half the lease, owned by Dexus. The ASX-listed professional property investor has control of the site until 2037. Per The Age, Dexus was expected to negotiate a financial settlement with Merivale to terminate its lease, enabling the project to go ahead once council granted planning approval. A source familiar with the vote who was not authorised to speak on behalf of the Melbourne Club told the paper it 'will do what it takes' to stop Mr Hemmes' plan. 'They're more than willing to stand up to him … They've definitely got the funds, and they also have access to some of the city's best lawyers if it comes to that,' they said. City of Melbourne Lord Mayor Nicholas Reece has been enthusiastic in his support of the Merivale development, calling Mr Hemmes 'the king of Sydney's hospitality industry'. 'It's a huge vote of confidence that Merivale has chosen to invest in Melbourne,' Mr Reece told in March. '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 in 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.' In a statement at the time, Mr Hemmes said he had been 'conceptualising and refining' the vision 'for a decade', adding: '(It) offers such an incredible opportunity to do something so special for the people of Melbourne.' David Malaspina owns and runs one of the city's most iconic and popular restaurants, Pellegrini's Espresso Bar, less than 200m from the Merivale project site. He told last month the decision by the City of Melbourne to sell the land was 'shortsighted', 'ridiculous' and 'a joke'. He also said the reported $55m sale price was 'way too cheap' and that council had lost sight of what's important because it wanted to make a big splash in the short term. 'People in council, you've got an asset. You'll never get it back,' Mr Malaspina said. 'There was no consultation, no consideration. Our biggest gripe as traders (in the top end of the city) is parking. 'We are all for bringing people to the city, but you have to understand how the city works. 'We're a driving nation. Where's the consideration for people who need to drive in, how are you going to replace the 1000 car parks you're taking away? 'How are you going to collect rubbish, get deliveries? Parking is already a disaster. My staff and customers all need to park, even hotels nearby used that car park for overflow.'
Sydney Morning Herald
27-04-2025
- Business
- Sydney Morning Herald
Melbourne Club moves to block Sydney billionaire's ‘creative wonderland' plan
Melbourne's oldest gentlemen's club has moved to block a plan by Sydney billionaire Justin Hemmes to transform a CBD car park into a 'hospitality, entertainment and creative wonderland' at the city's famed Paris End. In February, Hemmes' Merivale Group bought the eight-storey car park from the City of Melbourne for $55 million and unveiled contentious plans to build a multi-level precinct with a boutique hotel, restaurants, bars, galleries and a sky garden. But the hospitality mogul now faces fierce opposition from the Melbourne Club, which plans to use a long-held option – a legally enforceable right – to acquire a 50 per cent stake in an existing lease of the Little Collins Street car park that has another 12 years to run. A source at the exclusive gentlemen's club, which has observed a long-held convention of not discussing its affairs with the media, said it was unlikely to negotiate with Merivale to end the lease. The club, which has occupied its premises at 36 Collins Street since 1859, counts some of Melbourne's most powerful corporate figures, lawyers, doctors and former politicians among its membership of about 1500. Many of these members and their guests use the car park at 34-60 Little Collins Street. The rear of the Melbourne Club, including a private garden listed with the Victorian Heritage Register, sits metres from Hemmes' proposed redevelopment. The billionaire's proposal has incensed many of the club's members. The car park is leased by major property fund Dexus, which has control of the site until 2037. Dexus was expected to negotiate a financial settlement with Merivale to terminate its lease, which would have enabled the project to proceed once planning approval was granted by the city council. At a private meeting on March 31, Melbourne Club members voted overwhelmingly to exercise the option, which will cost the club about $5.5 million.
