Justin Hemmes Invests $19 Million in New Venue

Australian billionaire Justin Hemmes' hospitality empire Merivale has tightened its grip on the  CBD, snapping up a landmark Martin Place site in a $19 million deal.

The sale clears the way for another key piece of Hemmes' ambitious Kings Green overhaul, with the former Combined Services RSL sub-Branch building — known locally as the Barracks on Barrack — sold after two years of planning.

For Hemmes, the acquisition strengthens his expanding CBD footprint as part of the broader business strategy, which is transforming multiple heritage buildings into a high-end dining, hotel and entertainment precinct.

In December, . 

The site now becomes a strategic addition to the company's sweeping Kings Green precinct vision — a multi-block redevelopment spanning King, York, Clarence and Barrack Streets.

The vision is to create an interconnected precinct featuring dining venues, bars, a boutique hotel and premium office space.

It follows the company’s purchase of the core Kings Green site for about $200 million in 2022 and the unveiling of its development plans in 2024. 

Sub-Branch president Bill Forsbey said the outcome ultimately strengthens the organisation's long-term mission. 

'We are a charity for veterans. That means our money goes to veterans, not into a rundown building. This sale puts $19 million to work for them,' he said.

The Barrack Street property had become increasingly difficult to maintain, with its most recent tenant falling behind on rent before their lease was terminated.

Significant repairs were also required, adding pressure to the organisation's decision-making.

Meanwhile, as Merivale's business expansion continues, owner Justin Hemmes is also

Last month, .

The hospitality mogul spent a reported $18 million on the secluded spread, which was last sold in 1998 for $875,000.