Justin Hemmes’ Merivale to rework Melbourne automotive park into hospitality zone

Billionaire has pledged to rework a serious web site he has simply purchased in Melbourne’s CBD right into a nationwide drawcard, with a high-end precinct with bars, lodging, a skygarden and even an artwork gallery.

His Merivale operation was named because the profitable bidder for a Metropolis of Melbourne-owned automotive park at 34-60 Little Collins Road, with business gamers suggesting it had paid about $60m.

Mr Hemmes mentioned he had been in search of a web site just like the automotive park for a decade and was eager to get began on the adaptive re-use challenge on the advanced.

The sale was dealt with by JLL agent Josh Rutman, who declined to remark.

Merivale will now undertake “business negotiations” with Dexus, which has the appropriate to function the eight-storey automotive park, basement and retail premises on the positioning till June 2037. The land sale didn’t terminate the lease and Mr Hemmes expects to have the ability to strike a cope with Dexus.

Mr Hemmes mentioned the acquisition was “an indication of confidence within the Melbourne market and what the longer term holds for the town”. He dubbed the positioning a “ardour challenge” that he had been engaged on for nearly a decade. “We need to create probably the most thrilling and iconic vacation spot, not just for the town of Melbourne and the individuals of Melbourne, however an iconic vacation spot inside Australia,” he mentioned.

Mr Hemmes indicated there could be a mixture of retail parts, with eating places and bars, together with a jazz bar. The advanced may also have a boutique lodge and eating places from his steady, together with Italian themed Totti’s and Asian restaurant Mumu.

“I’ve been in search of the appropriate websites round largely Sydney and Melbourne,” he mentioned, including that the Melbourne web site was a novel alternative partly as a result of restrictions in place across the automotive park, however he would make good use of the concrete construction.

“It’s not an infinite improvement web site, and the restrictions play into what we need to do with it,” he mentioned. “I really like the construction; it’s an attractive concrete automotive park, however it has plenty of great parts to it which we are able to use.”

Merivale has been lively in Melbourne, in 2021 shopping for Tomasetti Home in Flinders Lane that it’s now rebuilding and hopes to open by early subsequent 12 months. Mr Hemmes additionally owns Kantay Home in Meyers Place that he purchased for about $15m in 2023, and believes that his mannequin will attraction nationally.

“Our philosophy isn’t Sydney-based, our philosophy isn’t Byron-based,” Mr Hemmes mentioned.

“Our philosophy is delivering an incredible product and nice service in a beautiful atmosphere and ­inexpensive costs, and we create choices that go well with all completely different demographics.

“I believe should you ship a superb product with wonderful service, you’re going to do nicely. It’s the identical philosophy, no matter metropolis we go to.”