Billionaire hospitality mogul Justin Hemmes has unveiled plans to turn a recently acquired Melbourne CBD site into a world-class hospitality precinct. His company, Merivale, secured the City of Melbourne-owned car park at 34-60 Little Collins Street, reportedly paying around $60 million for the prime location.
A Vision for Melbourne’s Future
Hemmes has been searching for the perfect site in Melbourne for over a decade and is eager to begin the adaptive reuse of the multi-level car park. He envisions a dynamic destination featuring bars, fine dining, a boutique hotel, a sky garden, and even an art gallery.
“This purchase is a sign of confidence in the Melbourne market and its future,” Hemmes said. “We want to create the most exciting and iconic destination, not only for Melbourne but for Australia as a whole.”
Negotiations with Dexus
While Merivale now owns the land, the site remains under the operational lease of property group Dexus until June 2037. This means that before construction can begin, Merivale must finalize commercial negotiations with Dexus to gain operational control.
Industry insiders suggest that the restrictions on development at the site are part of its appeal. “It’s not an unlimited development site, and the restrictions play into what we want to do with it,” Hemmes explained. “I love the structure; it’s a beautiful concrete car park with many wonderful elements we can repurpose.”
What’s in Store for the Precinct?
The new hospitality hub will feature a mix of dining and entertainment spaces, with flagship venues from the Merivale portfolio. These will likely include Italian-inspired Totti’s and Asian-fusion restaurant MuMu. A jazz bar and other specialty bars are also part of the blueprint, reinforcing Melbourne’s reputation as a global nightlife destination.
Additionally, Hemmes plans to introduce a boutique hotel to complement the hospitality venues, offering a complete luxury experience for both locals and tourists. The precinct will integrate seamlessly with the city’s vibrant cultural scene, featuring an art gallery and other creative spaces.
Merivale’s Growing Melbourne Footprint
This isn’t Merivale’s first venture in Melbourne. In 2021, the company acquired Tomasetti House on Flinders Lane, which is currently undergoing redevelopment and is expected to open in early 2025. Hemmes also purchased Kantay House in Meyers Place for approximately $15 million in 2023, further cementing his commitment to Melbourne’s hospitality scene.
A Nationwide Vision
While Merivale is deeply rooted in Sydney’s hospitality industry, Hemmes insists his approach transcends geography. “Our philosophy is not Sydney-based or Byron-based,” he stated. “It’s about delivering exceptional service and an outstanding product at accessible prices for all demographics.”
With a track record of revitalizing historic sites and creating vibrant entertainment precincts, Hemmes is poised to make a lasting impact on Melbourne’s nightlife and hospitality industry. His latest project promises to elevate the city’s reputation as a premier destination for dining, culture, and entertainment.
For more updates on this transformative project and other developments, visit Coleman News.
