Merivale's Justin Hemmes wants to turn this $55m Melbourne carpark into 'Parkade', a multi-storey hospitality precinct with high-end bars and accommodation.
Justin Hemmes’ Merivale Group operation was named as the successful bidder for a City of Melbourne-owned car park at 34-60 Little Collins Street.
Mr Hemmes said he had been looking for a site like the car park for a decade, to create a Melbourne ‘Parkade’.
Mr Hemmes indicated there would be a mix of retail components, with restaurants and bars, including a jazz bar. The complex will also have a boutique hotel and restaurants from his stable. These include Italian-themed Totti’s and Asian restaurant Mumu from his hospitality empire.
Melbourne carpark transformation
- Location: 34-60 Little Collins Street
- The eight-storey building is planned for a mix of bars, accommodation, plus a skygarden and art gallery
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Merivale will now undertake commercial negotiations with current operator Dexus, which has the right to operate the eight-storey car park until June 2037.
The land sale did not terminate the lease and Merivale Group expects to strike a deal with Dexus.
The development represents a significant investment in Melbourne’s hospitality sector. His company plans to create a national drawcard with the high-end precinct featuring bars, accommodation, a skygarden and even an art gallery.
Merivale Group said the ‘jigsaw of venues, offerings, garden and creative spaces will work together to provide a hub of attraction with much to see and do’.
The hospitality mogul described this as an adaptive re-use project on the complex. Furthermore, he has been keen to get started on transforming the under-utilised car park site. The project will create a multi-storey destination in Melbourne’s CBD.
City of Melbourne
A City of Melbourne spokesperson said funds from the sale will be reinvested into Council’s capital works program.
City of Melbourne Lord Mayor, Nick Reece, says the investment was a ‘huge vote in confidence’.
“Justin Hemmes is the king of Sydney’s hospitality industry – and it’s a huge vote of confidence that Merivale has chosen to invest in Melbourne.”
“This deal is the right move to propel our hospitality scene even further.”
Merivale has been active in Melbourne since 2021, buying Tomasetti House in Flinders Lane. The company is now rebuilding that property and hopes to open by early next year. Additionally, Mr Hemmes owns Kantay House in Meyers Place that he bought for about $15 million in 2023.
Merivale Group said ultimately, the revitalisation of the Little Collins Street site will occur over several years.
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