It has been a whirlwind of speculation and uncertainty, but Sydney hospitality “king” Justin Hemmes has officially confirmed that Sydney hot spot “The Ivy” will be replaced with a 55-storey international hotel.
In a statement, Hemmes said Merivale was exploring ideas for the long-term future of the Ivy precinct, with a number of options being considered including a new hotel, hospitality and lifestyle complex.
Speaking to The Daily Telegraph, Hemmes said he was leaning towards a new concept for a 55-storey hotel, which would replace the existing structure. He added that the plan was only in the early drafting stages.
“If the project proceeds, it is still many years away and discussions to date have only been preliminary,” he said.
[Related reading: Hemmes Continues Pub Buying Spree with $15 Million Hotel Purchase]
“No final plans have been decided nor time-lines set, and there are certainly no immediate plans to commence redevelopment of the site.
Hemmes said that he has always intended the Ivy would function as a development holding site. Estimates put the property’s value around the $65 million-mark.
Hemmes originally purchased the George Street site in Sydney for $22 million in 2004, and the Ivy launched in 2007 as what Merivale defined as “arguably Australia’s most ambitious hospitality transformations”.
Since its launch Merivale has defined the Ivy as a “Sunday party institution” with its bars, hatted restaurants, event spaces.
Early concepts and prices for the future development have yet to be released.