Why Justin Hemmes keeps spending millions on pubs
The celebrity publicanâs $200 million buying spree in the middle of a pandemic might seem risky, but love is as much in play as money.
Justin Hemmes in Sydneyâs Bar Topa tapas bar, part of his fast-expanding Merivale empire.Â
Louie Douvis
May 28, 2021 â 10.15am
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If those in hospitality are meant to be in the doldrums amid the pandemic that refuses to die, nobody told Justin Hemmes.
âIâm very excited about the industry. More passionate than Iâve probably been in a long time,â says the head of the Merivale Group, who is also Australiaâs 97th wealthiest person with a $1.2 billion fortune on the Financial Review Rich List, published on Friday.
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Sun Property Holdings is two-thirds owned by hospitality group Red Rock Leisure, which operates the P.J OâBrienâs chain of Irish-themed pubs and Jon Hasler, a director of Red Rock Leisure.
John Musca from JLL Hotels negotiated the off-market sale of Cheeky Monkeyâs and the Thai Sabai tenancy.
The property, which occupies an 827sq m site with 2am trading approval, sold as vacant premises.
Mr Musca said it was fitting that Merivale was bringing its well-known brand to Byron Bay at a time of its âexciting development evolutionâ.
JLL has sold around $90 million of hospitality assets to the Merivale Group over the past 10 weeks including the Lorne Hotel and Nortonâs Irish Hotel.
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The restaurant and bar, which also houses backpacker accommodation, is located on Byron s popular Johnson Street.
The Byron Bay property market has become a hot-spot for rich investors, particularly since the Covid pandemic hit, with many hoping to buy a slice of Australia s hottest holiday destination.
New venue: According to a new report, the Merivale boss has registered interest in acquiring Byron Bay s Cheeky Monkey s (pictured)
Closed: Cheeky Monkey s closed its doors on March 23 last year amid the global pandemic and has not been open since
Popular: The Byron Bay property market has become a hot-spot for rich investors, particularly since the Covid pandemic hit, with many hoping to buy a slice of Australia s hottest holiday destination