This article is from the Australian Property Journal archive
Billionaire pub baron Justin Hemmes has snapped up for a high rise car park in Melbourne’s CBD, in his biggest property play in the city since launching on the scene four years ago.
Hemmes’ Merivale has acquired the eight-storey “Parkade” car park at 36-40 Little Collins Street from Melbourne City Council for around $55 million, which is below the $110 million the council had expected, further solidifying his presence in the CBD.
The group plans to transform the car park a vibrant mixed-use precinct anchored by a boutique hotel, retail, pub, sky garden and restaurants.
The precinct will also feature live music venues, creative studios, galleries, and an incubator hub for emerging artists.
Melbourne Lord Mayor Nick Reece said the sale to Hemmes represents a “huge vote of confidence” in the city’s hospitality scene and the
Hemmes described the project as a long-held vision, stating, “Parkade is the dream site for our vision and offers the perfect opportunity for a sustainable and creatively adaptive reuse of a wonderful 1960s local landmark.”
The acquisition will be settled in June and the council said proceeds from the sale will be reinvested in community infrastructure.
