Justin Hemmes

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Justin Hemmes hospitality giant Merivale has revealed its latest acquisiton.
They've bought The Duke of Gloucester Hotel in Randwick, affectionately known to locals as The DOG.
The heritage-listed building on the cross section of Frenchmans Road and Clovelly Road cost Merivale around $32 million.
It was sold by hospitality operator Good Beer Co, who in 2018 kept Paddington's Four in Hand as a hospitality venue when it was listed with having the potential to be converted to a residence, much to the dismay of locals.
Good Beer Company is headed by George Azar and run by his nephew John. Good Beer Co retain the Keg &amp; Brew in Surry Hills.
No announcement yet of Merivale's future plans for The DOG, just that they get the keys in January 2021.
The DOG joins Coogee Pavilion, Hotel Centennial, The Royal Bondi and The Paddington in Merivale’s growing Eastern Suburbs pub portfolio.  
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Merivale buys Randwick's The DOG, Duke of Gloucester Hotel

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Billionaire hotelier Justin Hemmes is further diversifying his portfolio.
Quiet in the local Sydney pub scene for a while, Hemmes has acquired the Allawah Hotel, one of Sydney's biggest gaming pubs near Hurstville.
The Australian reports he has paid around $34 million.
The hotel was first listed this time two years ago by the White family, with price expectations of more than $30 million.
The Feros family's JDA Hotels arm bought The Allawah Hotel in 2007 before selling it to the White's for $28 million.
Hemmes, who offloaded the <a href="https://www.urban.com.au/expert-insights/investing/98337-justin-hemmes-sells-longtime-potts-point-retail-building-pre-auction" target="_blank">family's oldest asset in Potts Point earlier this year,</a> only has two other reported purchases in 2019.
Last month he quietly paid $4,872,500 for Rozelle's 3 Weeds pub.
He plans to open a new Totti's Italian restaurant in part of the property, according to The Australian.
In April he spent <a href="https://www.urban.com.au/news/97217-billionaire-hotelier-justin-hemmes-buys-7-5-million-dover-heights-home-for-ex-partner" target="_blank">$7.5 million on a home in Dover Heights</a> for his ex-partner Kate Fowler.
Late last year Hemmes bought <a href="https://www.urban.com.au/news/93437-hotelier-justin-hemmes-buys-office-block-next-to-his-ivy-nightclub" target="_blank">the office block next to his Ivy nightclub</a> with grand $1.5 billion redevelopment plans in the pipeline.
 
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Justin Hemmes buys The Allawah Hotel in Sydney's south west

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The Fish Shop at Potts Point is closing its doors after seven years.
It's set to be replaced by Lotus 2.0, to be steered by chef Dan Hong, according to GoodFood.com.au.
The Fish Shop had been the venture of the late chef Jeremy Strode within the Merivale that has decided to launch a pop-up in the space instead.
Hong, who heads up the nearby Ms G's and Mr Wong in the city, was previously at the helm of Lotus when it originally opened in 2002 when the Hemmes family returned to the site they previously operated.
It ran for around six years.
The site was once Moran's, before owner Matt Moran moved on to Aria at Circular Quay.
It was then the restaurant Goldfinger before becoming Lotus.
The restaurant will be an updated version of the former Lotus restaurant.
Hong told GoodFood he remembers auditioning for the Lotus gig, creating 12 dishes in 45 minutes for Hemmes and other Merivale executives.
It will have the hot fudge sundae's he served on the day, as well as Lotus classics such as the tuna with sweet wasabi dressing.
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The current space that has been home of popular The Fish Shop.
"The bar at the back is still there, it's [currently] covered in wood," Hong said.
Lotus 2.0 is likely to open in September and trade for up to a year, given the recent sale of the building.
The popular eatery sits within Wirrara, the Macleay Street building offloaded by Justin Hemmes.
It was <a href="https://www.urban.com.au/expert-insights/investing/98337-justin-hemmes-sells-longtime-potts-point-retail-building-pre-auction" target="_blank">bought for around $13 million</a> by developer Tony Benjamin who "just wanted a trophy asset," according to selling agent Jason Boon.
Benjamin owns the two star Holiday Lodge Hotel a few doors down the heritage row.
Wirrara was one of the Hemmes family's longest held assets, having being bought by family patriarch, the late John Hemmes, for $1.428 million in 1988.
The building at 61-63 Macleay Street comprises The Fish Shop, Arida clothing retail outlet whose formal lease expires in August, and four apartments above that have been rented to Fish Shop staff.
The Fish Shop is set to close on June 16.
Restaurateur and chef Kylie Kwong is closing her Macleay Street restaurant Billy Kwong in the coming months.
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Justin Hemmes to replace The Fish Shop at Potts Point with Lotus 2.0

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The hotelier Justin Hemmes has sold his family's longstanding landmark building, Wirrara in Potts Point ahead of tonight's auction.
The corner building had been listed for sale with an $11 million plus guide through Allan Levy from Metro Commercial inconjunction with the local R&amp;W office, but Hemmes was actually hopeful of $13 million, which would reflect a 4 percent yield.
The building's listing coincided with the lease of Arida formally expiring this August.
Through the years, as the Hemmes family expanded their fashion and restaurant business, they also started buying up the buildings in which they operated their different businesses. His parents opened a Thai tea café within their Sydney CBD fashion building in the early 1970s.  
One of their first Merivale coffee shops was this one in Potts Point.
Justin Hemmes' late father, Mr John bought the property at 61-63 Macleay Street for $1.428 million in 1988.
The offering was a rare offload by the hotelier.
Set in the corner of Macleay Street and Challis Avenue, the mixed-use freehold investment located features four large apartments and two retail shopfronts. 
It boasts Merivale’s Fish Shop at street level and the Arida clothing retail outlet next door. 
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Justin Hemmes, who hosted Prime Minister Scott Morrison’s campaign fundraiser at his Vaucluse estate on Monday night, has acknowledged the Potts Point premises needed some rectification works.
But the hotel baron will soon have his hands full with a mooted $1 billion redevelopment of his recently expanded Ivy, George Street site in the CBD.
He has not lodged any plans, but intends to redevelop the site with an office tower and a hotel, in partnership with investors.
There is current $520,950 total rental income with $328,550 from the Potts Point shops and $192,400 from the four upstairs units per annum. 
The luxury retailer of international clothing brands and distinctive interiors has been on a five year lease at $158,000 a year.
It has been trading there, in one name or another, for almost two decades.
The neighbouring Hemmes-run restaurant The Fish Shop has been on a $170,000 a year lease which Hemmes could continue subject to the next owners' wishes.
It has been many restaurants through the decades including Juillet's, Moran, Giraffe, Clochemerle, Lotus and Merivale.
At one point the building was leased by Thelma and Terry Clune, the gallerists, who are best associated with the adjacent acclaimed Yellow House. 
The total internal 741 sqm area comprises 300 sqm of the ground floor. 
There are $10,000 estimated council rates, $93,000 water rates and $55,000 land tax. 
The property is part of the Santa Fe row of 1905 Queen Anne style terraces that once ran from 45 to 63 Macleay Street.
It is part of the surviving half of a set of 10 terraces, designed by architect Maurice B Halligan, some of them demolished to make way for the Chimes.
One of the terraces, also in a neglected state, is the Holiday Inn, which is owned by the Benjamin family.
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Justin Hemmes sells longtime Potts Point retail building pre-auction

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Hotel baron Justin Hemmes has bought the office block adjoining the Ivy, his prime Sydney CBD hospitality venue.
Hemmes, the CEO of the family founded hotel giant Merivale, bought the Westpac site at <a href="https://www.commercialrealestate.com.au/property/312-318-george-street-sydney-nsw-2000-2014470995" target="_blank">312-318 George Street</a>, which sold with a lease pre-commitment from St George Bank for the entire retail footprint.
Hemmes is reportedly seeking outside investors to back the project for the first time in Merivale's six decade history, according to The Australian which broke the story.
The sale came with approved plans for a 16 storey, 195 room hotel with ground floor and mezzanine level retail (above).
It's expected the hotelier is not likely to follow through with the plans however, instead slating a mooted $1 billion redevelopment of the expanded site.
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"It is not imminent and we have not lodged any plans, but it was always my intention to redevelop the site with an office tower and maybe a hotel,'' Hemmes told the Sydney Morning Herald.
Hemmes said it would probably be at least a three-year process to get approvals.
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"We will start from scratch and given Sydney's strong demand for office space, an office tower would be a viable option, but I've not decided on the final outcome," Hemmes said.
"The redevelopment and upgrade of George Street, Sydney is a major opportunity and we will work to get investors and developers on board."
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The building is rumoured to be 55 levels, including a number of hospitality outlets as well as an expansion of Ivy.
McVay Real Estate agent Sam McVay sold the property directly opposite Wynyard Station to Hemmes, who paid around $10 million more than the price expectations.
It's a change in focus for Hemmes, who has been quiet on the hotel purchasing front this year.
In 2017 he went on an inner Sydney pub spending spree, snapping up <a href="https://www.urban.com.au/expert-insights/investing/78258-merivale-s-justin-hemmes-adds-centennial-hotel-to-portfolio" target="_blank">Hotel Centennial</a> at Woollahra, Enmore's <a href="https://www.urban.com.au/expert-insights/investing/76836-justin-hemmes-merivale-buys-enmore-s-vic-on-the-park-hotel" target="_blank">Vic on the Park</a>, the <a href="https://www.urban.com.au/expert-insights/investing/74479-sydney-s-beachfront-collaroy-hotel-sold-to-hemmes-owned-merivale" target="_blank">Collaroy Hotel</a> and an $8.95 million <a href="https://www.urban.com.au/expert-insights/investing/77407-justin-hemmes-buys-commercial-kitchen" target="_blank">commercial kitchen in Marrickville</a> to service his venues.
He also focused on his residential portfolio, <a href="https://www.urban.com.au/news/68008-justin-hemmes-buys-a-bit-more-of-south-coast-berrara-hamlet" target="_blank">expanding his footprint in Berrara</a>, a small inlet on the South Coast, and <a href="https://www.urban.com.au/news/73414-sunroom-slated-for-hemmes-mansion-the-hermitage" target="_blank">adding a sunroom</a> for the family's iconic Vaucluse mansion The Hermitage. 
It's a return to the CBD for Hemmes, who's ancestors began their venture into hospitality in the city when they opened a Thai tea café within their Sydney CBD fashion building in 1970. 
 
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Hotelier Justin Hemmes buys office block redevelopment next to his Ivy nightclub

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The Urban Taskforce has announced hospitality trailblazer Justin Hemmes as its 2018 Property Person of the Year. 
“Justin Hemmes has revolutionised Australia’s hospitality industry by bringing a new level of sophistication, creativity and ingenuity to Sydney’s dining and entertainment landscape”, says Urban Taskforce CEO, Chris Johnson. “His innovative properties, like Establishment, ivy, Coogee Pavilion, The Collaroy and The Newport offer unique, memorable and internationally renowned experiences, and have transformed Merivale into a peerless hospitality powerhouse”. 
The Urban Taskforce represents the development industry’s risk-takers and Justin Hemmes has been an outstanding entrepreneur in the way he has acquired old hotel sites and venues across Sydney and turned them into must-visit destinations. 
Since taking the reins of his family's fashion business in 1997, Justin has made a major mark on commercial property development in Sydney, dominating the hospitality sector and expanding the Merivale portfolio to include a host of the country's most ambitious and successful hospitality transformations. his Merivale portfolio now includes over 70 venues that have galvanised their local cultural economies and magnetised tourists from around the world.
The redevelopment of Hotel CBD in 1995 was one of the first projects fronted by Justin. Taking a true hands on approach by working on site as a brickies labourer for a year and a half, Justin drove the design and refurbishment to turn what was a bookstore and commercial space into a multi-story hotel. Hotel CBD pushed societal boundaries by reimaging the concept of pubs as a predominantly male domain to places where both men and women could happily socialise for any occasion. From this, the first multi venue pub was born; presenting a variety of different spaces for people to make their own. 
In the mid-nineties he purchased the Slip Inn and redesigned the original pub and its four adjoining terraces to accommodate beautiful bars and the Chinese Laundry nightclub, completely reinvigorating a desolate pocket of Sydney’s CBD. In 2000 he opened Establishment in the burnt-out ruins of the former George Patterson House on George Street; creating a nine-story entertainment complex now home to fine dining, a boutique hotel, private event places and the award-winning 240-seat Cantonese restaurant Mr Wong. 
In 2007, Merivale launched the ambitious $160 million ivy project to create an urban oasis in the heart of the city. This 20,000 square metre mixed-use development is home to 12 boutique shops, 18 bars, nine restaurants, a rooftop pool, a garden atrium and a large ballroom. He also had the foresight to create and activate two surrounding laneways, providing Sydney with the way of life enjoyed in European cities. A sanctuary in the middle of the CBD, ivy quickly became the destination, helping shape Sydney into a truly great global city. 
Ivy has won a host of awards including: 
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National Hotel of the Year at 2014 AHA National Awards for Excellence 
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IDEA09 Interior Design Excellence Awards - IDEA09 Overall Winner and Hospitality Winner and Multi-Residential, Highly Commended
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Australian Institute of Architects National Awards 2009 - Harry Seidler Award for Commercial Architecture and National Award (Urban Design)
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Australian Institute of Architects (NSW) 2009 - Lloyd Rees Award for Outstanding Urban Design and Commercial Architecture Award.
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Justin’s enthusiasm for designing, building and operating exciting venues does not stop. After his developments in the city, he has reinvigorated the top end of Oxford Street with the Paddington, Fred’s, Charlie Parker’s and The Chicken Shop. He transformed the derelict beachfront Coogee Pavilion from a pub into a dynamic lifestyle destination and re-envisioned the landmark Newport Arms Hotel as The Newport. New ventures have increased Merivale’s footprint across Sydney even further, from Queens Hotel and Vic on The Park in Sydney’s thriving Inner West to The Royal in Bondi, Tennyson Hotel in Sydney’s South-East and The Collaroy on the idyllic Northern Beaches. And he’s also forecasting an even bigger redevelopment of the ivy site. 
Urban Taskforce Chair Peter Daly says “We are amazed at what Justin has achieved across Sydney in a manner that has set new standards for every project. His innovations always cause ripple effects that have added energy to surrounding buildings and areas that were previously degraded. He is a very worthy winner of Property Person of the Year award for 2018 and he joins distinguished former winners that include Harry Triguboff (twice), Lang Walker, Bill Moss, Greg Goodman, Wal King, Bob Rose, Garry Rothwell, Ross McDiven, Tony Perich, Steve McCann, Iwan Sunito, Joe Khatter and Sarkis Nassif.” 
The 2018 Property Person of the Year Award dinner appropriately will be held at Justin’s landmark venue, ivy, on 28 November. A crucial motivation for these annual events is to raise funds for the two charities supported by the Urban Taskforce: Warrah Homes and St Vincent’s Prostrate Cancer Research. The Urban Taskforce has raised more than $4million for these charities over the past 17 years. Justin and Merivale also support various charities— including Ronald McDonald House, the Sydney Children’s Hospital Foundation and the Royal Hospital for Women. 
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Justin Hemmes named Urban Taskforce Property Person of the Year

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Prominent Sydney hotelier Justin Hemmes has been included in this year's Rich List.
Hemmes and his family have amassed a $951 million fortune via the ownership of 70 pubs, hotels, restaurants and venues in and around Sydney, including The Ivy on George Street in the heart of the CBD. No reason for their recent absence from the list was readily offered.
He joins the biggest group of Rich Listers, property magnates, who account for 51 of the 200 names. The family retains property dating back to 1972 when it bought the Angel Hotel for $500,000 on Pitt Street, Sydney.
Hemmes just misses being among the record 76 billionaires on the Financial Review Rich List.
They include billionaire Meriton's Harry Triguboff.
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Most of the property names on the list are in the booming residential sector.
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<div>The 45-year-old Hemmes is among 12 new names in the 2018 edition which will be published tomorrow.</div>
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Hemmes' late father John and mother Merivale jointly appeared on the BRW Rich List in 1984 with a net wealth of $12 million, the first edition of the list in its current form.
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Thirty-five years ago, BRW Magazine compiled the first annual list of the 200 richest people in Australia, a year after the first BRW 100 was printed in 1983.
Last year, the list became the Financial Review Rich List. There are 15 names on this year's list that where in the 1984 edition.
John and Merivale Hemmes' 1984 Rich List entry attributes their wealth to their John and Merivale clothing chain that was started after John moved to Australia in 1952. He then met, and married, Merivale, a milliner.
They set up a clothing chain, one of Australia's leading fashion chains in the 1960s and 1970s, the cash flow from which they bought property holdings.
Apparently John and Merivale Hemmes had once been evicted from a rented property in central Sydney and swore they would never pay rent again.
The Hemmes family properties include the Establishment Hotel on George Street, which cost $9 million to buy in 1998 and the CBD Hotel on York Street, which John Hemmes bought in 1993 for $3.1 million. 
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Those two properties are worth at least 50 times more, the Rich List suggests, and along with The Ivy, where a 55-storey-hotel is now planned, form the foundation of Justin Hemmes and his family's wealth.
In recent years the empire has expanded to include the Coogee Pavilion, Enmore's Queen Victoria Hotel and The Newport.
Sydney's beachfront <a href="https://www.urban.com.au/expert-insights/investing/74479-sydney-s-beachfront-collaroy-hotel-sold-to-hemmes-owned-merivale" target="_blank">Collaroy Hotel was bought by the Merivale</a> group in an off-market sale, with market chatter putting the deal at around $21 million.
The Centennial Hotel in Sydney's eastern suburbs was a recent purchase.
Hemmes also recently spent nearly $9 million on a <a href="https://www.urban.com.au/expert-insights/investing/77407-justin-hemmes-buys-commercial-kitchen" target="_blank">commercial kitchen</a> to service his growing portfolio.
He has also spent millions on personal properties including on the NSW south coast town.
His home is the heritage harbourside Vaucluse manor house, The Hermitage.
The Hermitage, one of the earliest mansions in Sydney's east, is of the Victorian Rustic Gothic style, built in an era when the curtains were drawn. 
It was bought in 1975 paying $500,000 in a 1970s credit squeeze fire sale when it was sold by Dick Baker following the 1974 collapse of his company Mainline.
It was in 2011 when Justin Hemmes, the chief executive officer of the Merivale hospitality group, moved back into his family home.
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Hemmes hotelier family return to Rich List 

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Hotelier Justin Hemmes has bought the Centennial Hotel in Sydney's eastern suburbs as his commercial property splurge continues.
The reputed $15 million purchase comes after recent acquisitions of the Royal Hotel in Bondi, the Vic on the Park in Marrickville and Collaroy's beachfront hotel.
Hemmes also recently spent nearly $9 million on a <a href="https://www.urban.com.au/expert-insights/investing/77407-justin-hemmes-buys-commercial-kitchen" target="_blank">commercial kitchen</a> to service his growing portfolio.
Ray White's Asia Pacific director of hotels Andrew Jolliffe secured the off-market sale of The Hotel Centennial without formal price disclosure.
Jolliffe has now sold in excess of $1.75 billion in hospitality assets in the past five years.
Jolliffe has long espoused the view that market conditions for A-Grade hospitality properties enjoy strong favour and tightening yields.
"We've been both liberal and robust in our view over the past 24 months that the spread between cost of funding and yield for A-Grade hospitality assets is well placed to contract further next year" he said.
"The fundamentals are all pointing to this outcome, and the argument supported by astute hotel investors, by virtue of deed, is illustrative of this market response" Jolliffe concluded.
The Hotel Centennial is a landmark double storey Eastern Suburbs Hotel occupying a 780 sqm Oxford St location opposite Centennial Park.
lt was sold by the Medich family, who recently sold the Woolloomooloo Bay Hotel, The Woolwich Pier Hotel and Mosman's Buena Vista Hotel.
The Medich family, via their Halcyon Hotels vehicle and headed by Anthony Medich, acquired the hotel in 2014 and undertook substantial renovations; consequently attracting clientele from both the broader Eastern Suburbs; as well as the design, art and fashion industry.
"Like a handful of other iconic hotels, The Hotel Centennial is a very valuable piece of Sydney commercial property, and for decades has been a favoured meeting place for local residents and visitors to the area," Jollifee said.
"We are delighted to have again enjoyed the Medich family's trust with such a valuable asset, and feel equally pleased to have matched this famed property with such an appropriate suitor in Justin Hemmes."
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Jolliffe was announced the 1000 office Ray White Group's <a href="https://www.urban.com.au/news/75909-ray-white-announces-hotel-broker-andrew-jolliffe-as-top-agent-internationally" target="_blank">number one agent</a> internationally in 2017.
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Merivale's Justin Hemmes adds Hotel Centennial to portfolio

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Justin Hemmes now has so many hotel venues, he's gone out and spent $8.95 million on kitchen premises at Marrickville to supply them all.
His hotel acquisition trail has intensified over recent months and years.
Justin Hemmes, who has been Merivale CEO since 1997, has spent $175 in the past three years, his biggest outlay The Newport which cost $46 million.
The Merivale group owns a growing portfolio of more than 65 restaurants, bars, pubs and hotels across Sydney.
The proposed kitchen space is just around the corner from <a href="https://www.urban.com.au/expert-insights/investing/76836-justin-hemmes-merivale-buys-enmore-s-vic-on-the-park-hotel" target="_blank">Vic on the Park in Marrickville</a>, his most recent purchase which cost around $20 million.
In the immediate vicinity are the Merivale owned <a href="https://www.urban.com.au/expert-insights/investing/62967-merivale-s-justin-hemmes-pays-37-05-million-for-tennyson-hotel" target="_blank">Tennyson Pub in Mascot</a>, the Queens Hotel in Enmore and the nearby Vic on the Park.
LJ Hooker Commercial Sydney City Fringe agent Jim Marinos sold the kitchen space property that last had traded for $2.75 million in 2010.
He sold the building at public auction, but Hemmes wasn't in attendance.
His empire includes the Coogee Pavilion, The Newport Arms Hotel and The Beresford.
Hemmes trading in the commercial space has always taken priority over his residential holdings, but that's seen some acquisitions too.
All on or close to the water.
Last year he <a href="https://www.urban.com.au/news/68008-justin-hemmes-buys-a-bit-more-of-south-coast-berrara-hamlet" target="_blank">expanded his holdings</a> in the small hamlet of Berrara, down near Jervis Bay.
He has spent over $11 million on property in the area, dating back to his first $665,000 purchase in 2006.
Hemmes also has a 60 hectare rural retreat further down the south coast, the $7.5 million Glasshouse Rocks estate retreat at Narooma.
His Pittwater waterfront acquisition came last year when he <a href="https://www.urban.com.au/expert-insights/buying/52928-justin-hemmes-secures-pittwater-retreat-from-laurence-eastwood" target="_blank">bought the waterfront</a> of one of Australia’s most distinguished production designers, Laurence Eastwood.
His family home is the harbourside Vaucluse mansion, The Hermitage.
The Hermitage was built in the Victorian Rustic Gothic style and is one of the earliest mansions in Sydney's east.
Hemmes grew up in the home that belonged to his parents, mother Merivale, his late father late John Hemmes and his sister Bettina.
His most recent move was to submit <a href="https://www.urban.com.au/news/73414-sunroom-slated-for-hemmes-mansion-the-hermitage" target="_blank">plans for a sunroom pavilion</a>.
Landscaper Michael Bates recently undertook a makeover for The Hermitage garden, which he dubs an entertainer’s garden. The garden comes complete with an outside bathtub, and the de rigour fire pit too.
This article was first published in the Saturday Daily Telegraph.
 
 
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Hotelier Justin Hemmes secures commercial kitchen to services his venues

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Hospitality group Merivale has snapped up Vic on the Park Hotel in Sydney's Inner West, adding to its pub portfolio.
The deal value was not known immediately, but is estimated to be between $22 million-$25 million.
The latest transaction follows another hotel deal by the Justin Hemmes-led Merivale in August.
Sydney's beachfront <a href="https://www.urban.com.au/expert-insights/investing/74479-sydney-s-beachfront-collaroy-hotel-sold-to-hemmes-owned-merivale" target="_blank">Collaroy Hotel was bought by the Merivale</a> group in an off-market sale, with market chatter putting the deal at around $21 million.
The Vic on the Park is Merivale's second pub in the area after Hemmes' purchase of the Queen Victoria hotel on Enmore Road in 2015, according to the <a href="https://www.goodfood.com.au" target="_blank">goodfood</a> website.
"We have a self-imposed mandate to grow this wonderful business both deliberately and responsibly, and wherever we see property backed opportunities for us to create unique experiences for our loyal client base" said Merivale CEO Justin Hemmes in a media release.
The Vic on the Park Hotel is a large format, 1,247 sqm hotel site on the corner of Addison Road and Enmore Rd in Sydney's Marrickville. 
It has 25 electronic gaming machines and the venue generates more than $7.46 million in annual sales.
“Vic on the Park has long been at the heart of Marrickville, a vibrant community hub where people of all ages and walks of life can come together”. “We have loved being part of the Inner West since opening Queens last year and can’t wait to take on what is undoubtedly an important and cherished venue in the area” Hemmes concluded. 
The hotel was sold by the Australian Pub Fund (APF), the seventh such sale of an A-grade freehold hotel by the Carnegie, Singleton and Dixon private equity joint venture vehicle over the past 12 months. 
Ray White and CBRE were running the international expressions of interest campaign closing September 28.
"We employed a strategic and very public sales campaign involving both national print and digital media levers, and the response was consistent with our expectations for an A-grade property holding of this commercial complexion" said Ray White Hotels' Andrew Jolliffe. 
"Our guidance throughout the campaign was between $22m and $25m, and that is ultimately what we achieved for our client," he said. 
CBRE Hotel's Daniel Dragicevich added that the mixed development momentum within the precinct the hotel is situated generated lot of enquiries from hoteliers and developers. 
The Vic was part of their Australian Pub Fund portfolio, a private equity group currently exiting strategic hotel investments to recycle equity, goodfood said.
The APF also sold Newtown's Marlborough Hotel to Matt Moran and Bruce Solomon's Solotel group in April.
The Vic is popular for its live music, sports, bistro dining and a carpark that hosts outdoor gigs, record fairs and even the odd basketball game.
Merivale will receive the keys to the Vic on November 13. The pub will trade as per usual.
 
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