Sydney billionaire buys Melbourne CBD car park to build hospitality venue

Billionaire Justin Hemmes’ Merivale Group has bought the City of Melbourne’s Parkade carpark at 34-60 Little Collins Street.

The car park sale was opposed by many CBD business owners nearby as it is one of the few operating at the top end of the CBD and is used by customers of nearby restaurants, hotels and theatres.

A spokeswoman for the City of Melbourne said the settlement date for the car park, which previously housed the Soi 38 restaurant, was set for June 2025.

“Funds from the sale will be reinvested into council’s capital works program to deliver important community infrastructure for Melbourne,” she said.

Lord Mayor Nick Reece said the deal was the right move to propel Melbourne’s hospitality scene.

Loading

“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,” he said.

“This entertainment precinct will be right on the doorstep of Melbourne’s world-class theatre district – and create hundreds of jobs and generate millions of dollars for the local economy.

“More than just a typical pub or hotel, Merivale’s ambitious vision showcases our love for culture, music, fine dining and fitness – offering an iconic experience for residents, workers and visitors day and night.”