Merivale spends c$200m on adjoining Sydney buildings

The Clarence Street building.

Justin Hemmes’ Merivale is picking up four adjoining historic Sydney CBD buildings from Kirk Tsihlis’ TrueGreen Group, which spent two years amalgamating them.

The 2143 square metre holding is believed to be trading for c$200 million.

TrueGreen outlaid c$170m from 2020 with plans to replace the airspace with a $1.8 billion, 49 level office, Kings Green.

Merivale is instead expected to repurpose each building into a venue creating a hospitality precinct.

CI Australia’s Mike Stokes, Shirley Fan and John Bowie Wilson brokered the sale.

Kings Green site

The holding includes six storey buildings at 71 and 73 York Street and 104-118 Clarence (story continues below).

The York Street buildings – 73 (centre) and 71 (right).

The seven level Rockliff Chambers at 50 King St is also part of the deal.

It is unknown whether Merivale will develop into the airspace, presumably with tourist accommodation; a representative declined to comment.

The purchase comes 22 years since Mr Hemmes (pictured, top) created the landmark Establishment Bar within the part burnt-out shell of George Patterson House at 248-252 George St.

In 2008, the businessmen opened the Ivy at 330 George.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of