Justin Hemmes’ different style of real estate buy
Justin Hemmes has expanded his property empire. Again. Picture: Getty
The hospitality industry billionaire Justin Hemmes has expanded his Marrickville pub The Vic on the Park holding.
He has paid $10.15 million to the Hatzivasiliou family, for the adjoining 840sq m petrol station site, they have owned since 2001.
The deal follows his $22 million purchase in 2017 of the pub at the corner of Addison and Enmore roads from John Singleton, Mark Carnegie and the Geoff Dixon-fronted Australian Pub Fund.
Hemmes has a newly forged affiliation with the energy sector: this is the petrol station site he now owns. Picture: Google Earth
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It was marketed with a successful food and beverage operation, 25 gaming machines and annual revenue of more than $7.46 million. It came with a 3am liquor licence.
The 1247sq m hotel premises included a $12.7 million land component.
The selling agents had advised that the hotel lot came “with future development and site amalgamation potential on the doorstep of the recently approved Victoria Rd precinct, with height approvals to 14 storeys.
It is no doubt a long-term property play for Hemmes as there’s a lease to the Dib Group until 2029.
Hemmes has so many Sydney hotel venues, he went out and spent $8.95 million on kitchen premises at Marrickville in 2017 to supply them.
The Merivale Group has more than 70 restaurants, bars, pubs and hotels across NSW.
His catering empire expanded recently to include the newly refurbished Sydney Football Stadium, which is staffed by a workforce of up to 1000 at its packed events.
Vic on the Park.
The Vic is one of inner-city Sydney’s most popular watering holes.
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