Sydney pub tsar Justin Hemmes is joining the rush of wealthy individuals investing in the northern NSW coastal hotspot of Byron Bay, buying the vacant Cheeky Monkey’s backpackers bar and adjoining massage spa in the centre of town for about $13 million.

It is the fourth venue acquired by Mr Hemmes’ Merivale in the space of a month and the second in regional Australia. He bought the Lorne Hotel on Victoria’s Great Ocean Road for $38 million last week.