Justin Hemmes buys Byron Bay Cheeky Monkey’s Bar in $13.5m deal
Hotelier Justin Hemmes has confirmed his purchase of a legendary Byron Bay bar in a multimillion-dollar deal.
Confidential
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Justin Hemmes has confirmed what we have all known for some time – he’s bought into Byron Bay.
The top hotelier has forked out $13.5 million to buy the nearly 900 square metre site currently home to legendary local venue Cheeky Monkey’s Bar.
It is Hemmes’ first push into the prized area with Confidential previously reporting he had been looking at several properties nearby with big plans for expansion in what has become a celebrity hub thanks to the likes of Chris Hemsworth living there.
It adds another jewel in the crown of the family business, which was started by his parents John and Merivale and is now valued at more than $1.06 billion.
Hemmes previously put an offer on the old Woolworths site across the road from Cheeky Monkey’s Bar, which United Cinemas owner Sam Mustaca subsequently packaged up with the Mercato on Byron shopping centre in partnership with Melbourne’s Pelligra family and paid a whopping $121 million for the site.
Mustaca, a business partner with Hollywood star Mark Wahlberg who has hinted about opening a Wahlburgers restaurant in Byron, and his team will spend a further $80 million building a hotel on the site.
Hemmes is understood to have also been looking at property closer to the ocean further up coveted Jonson Street. He is rumoured to have failed with his $40 million offer to buy nearby Bangalow Hotel earlier this year from the Mooney family, headed up by ex-rugby league legend Tom Mooney and wife Cathryn.
“I’ve been going to Byron since I was 10 years old, so it has always been a place close to my heart,” Hemmes said. “I can’t wait to open our first venue on the North Coast and spend more time in the area. There’s simply no place like it.”
Recent reports have suggested Byron Bay property values have eclipsed the Sydney market. CoreLogic data states the average home in the seaside township of Byron is $1.4 million compared to Sydney at $1.14 million.
Merivale will officially take ownership and receive the keys to the property on May 28.
“There is a measured, exciting development evolution in Byron Bay at present, and it’s fitting that community-sensitive operators of Merivale’s calibre are choosing to add their world-class brand to the township’s hospitality landscape,” JLL managing director John Musca, who brokered the deal, said.
It is the latest in several major acquisitions for the Merivale portfolio following the purchase of Tomasetti House in Melbourne last month for $40 million and Vicotria’s oceanfront Lorne Hotel for $38 million.
And last week, Confidential reported he paid $22 million for iconic Leichardt venue, Nortons Irish Pub.
A massive refurbishment is planned for the property that sits in prime position on the corner of Paramatta Road and Norton Street.
“It is such a privilege to be part of Sydney’s vibrant inner west,” Hemmes said.
“Every suburb has a unique energy, and their local pubs play a special role in shaping their culture. We’re excited to not only expand our inner west pub portfolio, but reopen doors to the 3 Weeds, a beautiful and much-loved local institution, this spring”.
Hemmes other Merivale venues include Totti’s, Felix, Queen Chow, The Paddington, Fred’s, The Collaroy, Palmer & Co, The Newport, 3 Weeds, the Queens Hotel, Vic on the Park, Ms. G’s, the Allawah Hotel, the Ivy and El Loco.
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