An excited Justin Hemmes says hospitality is still his passion as he puts Ivy redevelopment on hold
His bold skyscraper plans for the Ivy precinct might be on hold, but Justin Hemmes says he’s got more in the pipeline than ever before as he moves up The List - Richest 250 rankings.
Entrepreneur Justin Hemmes, who controls a sprawling empire of hospitality venues from Byron Bay to Victoria’s seaside Lorne, says he is more excited about 2024 than he has been about any other year.
“Without sounding boring, I have more in the pipeline than I have ever had,” says an upbeat Hemmes, who is worth $1.52 billion. “I am more excited about hospitality and development this year than I have ever been.”
This article is from The List - Australia’s Richest 250, published March 15, where Hemmes is ranked in the top 100.
Despite Hemmes’ excitement about the immediate future, his recently publicised plans to demolish his landmark The Ivy development in Sydney’s George Street and replace it with a high-rise precinct that includes a hotel and office complex seem to have come to naught.
Asked if he still intends to redevelop The Ivy, his response is clear-cut: “Not at this stage.”
Unlike many of his contemporaries on The List, Hemmes didn’t discover property after making his first fortune.
He started his career with a firm appetite for two industries: real estate and hospitality. He has gradually built his portfolio to more than 90 venues, including the Establishment Hotel and suburban and city restaurants such as Mr Wong, Mimi’s and Felix.
“I have always been in both hospitality and property development,” says Hemmes, speaking to The List from his bolthole on the NSW South Coast.
“I don’t know any other way. They are very different, but they are also similar. Property development and hospitality are interconnected.
“I develop the buildings and the sites for the hospitality part of the business. And the hospitality reaps the benefits. They are reliant on each other.”
Hemmes likens his business to Lego, which he says is one of the most successful businesses in the world.
“It’s creating and building something from scratch, which is very rewarding. Hospitality is the same: you are creating and building. They are both very tactile businesses. You can see the fruits of your labour.”
Asked if hospitality is more creative than development, Hemmes replies that they are both creative: “You use both parts of the brain.”
On the money front, the publican and restaurateur would not be drawn on which part of his portfolio makes him more money, stressing that the businesses are “not mutually exclusive”.
“They rely on each other. The hospitality is the purpose. It’s both incredibly rewarding and tactile, which is what I love. You can see the results, physically … and with the development … you can see the satisfaction of the guests.”
