Merivale, the hospitality conglomerate of Australian billionaire Justin Hemmes, has strengthened its hold on the Sydney CBD by purchasing a historic Martin Place location for $19 million.
After two years of planning, the former Combined Services RSL sub-Branch building, known locally as the Barracks on Barrack, was sold, paving the way for another crucial component of Hemmes’ planned Kings Green makeover.
As part of a larger business plan to convert several historic buildings into a posh eating, hotel, and entertainment district, Hemmes views the acquisition as strengthening his growing CBD foothold.
Hemmes added this new location to his expanding empire when he opened the RSL Club Rose Bay to thousands of fans who waited for hours to enter the private facility in December.
The location is now a key component of the company’s broad Kings Green precinct plan, which calls for a multi-block revitalization of King, York, Clarence, and Barrack Streets.
The goal is to build a connected precinct with upscale office space, bars, restaurants, and a boutique hotel.
With the $19 million purchase of a historic Martin Place location, Justin Hemmes’ hospitality conglomerate Merivale has strengthened its hold on the Sydney CBD. Madeline Holtznagel, the girlfriend, is shown.
After two years of planning, the sale of the former Combined Services RSL sub-Branch building paves the way for another significant component of Hemmes’ ambitious Kings Green makeover.
As part of a larger business plan to convert several historic buildings into a posh eating, hotel, and entertainment district, Hemmes views the acquisition as strengthening his growing CBD foothold.
It comes after the corporation unveiled its development ambitions in 2024 and paid roughly $200 million for the primary Kings Green site in 2022.
In the end, the result improves the organization’s long-term mission, according to Sub-Branch President Bill Forsbey.
We are a veteran’s charity. This implies that our funds are donated to veterans rather than a dilapidated structure. He stated, “This sale puts $19 million to work for them.”
The most recent renter of the Barrack Street property fell behind on rent before their lease was canceled, demonstrating how difficult it had become to maintain the home.
The organization’s decision-making was further strained by the need for significant repairs.
Owner Justin Hemmes is expanding his personal empire at the same time that Merivale’s business is expanding.
Hemmes and his partner Madeline Holtznagel purchased a magnificent A-list Byron Bay seaside property last month.
The remote acreage, which was previously sold for $875,000 in 1998, reportedly cost the hotel billionaire $18 million.
The location is currently a key component of the business’s expansive Kings Green precinct concept.
The goal is to develop a connected precinct with upscale office space, restaurants, bars, and a boutique hotel.
The expansive estate, which spans 1,580.3 square meters and has a two-story, four-bedroom, four-bathroom “shack,” is located at Belongil Beach, just one kilometer from Byron Bay.
The larger Kings Green site was originally purchased by the hospitality behemoth for about $200 million in 2022, and development plans were officially revealed in 2024.
After splitting from Kate Fowler in 2018, the $1.39 billion business magnate started dating model Madeline Holtznagel in 2019 when she was 22 and he was 47.
Madeline is the younger sister of Simone Holtznagel, another Australian model. She and her now-ex-boyfriend Jono Castano welcomed their first child, a girl named Gia, in March 2024.
