Justin Hemmes buys vacant RSL
Justin Hemmes’ Merivale has bought a Sydney CBD freehold opposite one of its flagship hospitality precincts, continuing a consolidation play around Barrack and George streets.
The hospitality group acquired the four-level building at 5-7 Barrack Street for a speculated price of more than $15 million.
Zoned SP5 Metropolitan Centre it spans 342 square metres.
The 1229 sqm building, predominantly hospitality, with offices, was offered vacant.
It was last occupied by the City of Tattersalls club and historically by the RSL.
Colliers’ James Cowan and Jack McGregor were the agents (continues below).
Hemmes expands footprint
The property neighbours Merivale’s proposed Kings Green hospitality precinct, a major mixed-use entertainment hub spanning several heritage buildings bounded by King, York, Clarence and Barrack streets – incorporating a site bought for c$200m in 2022.
Approved by the City of Sydney, with interconnected restaurants, bars, a sports bar, nightclub, boutique hotel, wellness facilities and premium office space, it will contain 16,300 sqm anchored by Merivale’s Hotel CBD at 75 York Street, held since 1995.
The Barrack St site allows for a 60 metre building and an 8:1 floor space ratio.
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