Hospitality giant Merivale has revealed plans to turn several heritage buildings in the heart of the Sydney CBD into a substantial hospitality precinct.
A masterplan has been created to guide the development of the 16,300sq m precinct dubbed Kings Green comprising five heritage buildings with inter-venue links and connections between King, York, Clarence and Barrack streets.
The precinct would be developed in stages with the first to provide all the sites with one licensed food and beverage use.
Under the plans there would be a boutique hotel, hospitality venues, and wellness facilities as well as office spaces within the precinct.
The heritage buildings all neighbour each other and the project would retain the current heights and footprints of the buildings.
Merivale is promising no major demolition or reconstruction.
Merivale’s first major hospitality redevelopment, Hotel CBD, is part of the precinct.
“We want to build on the heritage and memories of our Hotel CBD venue, which we built and have operated since 1995,” Merivale chief executive Justin Hemmes said.
“Sydney is entering a new and exciting era for hospitality and entertainment, and the opening of the Sydney Metro has been revolutionary for the city by improving ease and access for everyone to the central business district and all it has to offer.”
Hemmes also said it would help achieve the NSW Government’s plan to create a $91-billion visitor economy by 2035 through adding 40,000 hotel rooms.
“Our plans will support the NSW Government’s revised 24-Hour Economy Strategy and Vibrancy Reforms, by creating vibrant and co-ordinated precincts and places accessible and appealing to visitors and residents alike, as well as supporting night-time economy workers with greater choice and access to food, beverage and entertainment amenity,” he said.
The company bought the other buildings—50 King Street, 73 York Street, 71 York Street and 312-318 Clarence Street—in 2022.
Each venue would open as it was completed. Early engagement with the community and stakeholders has begun.
One of the sector’s biggest players, Merivale has also been active in the Melbourne CBD and has dominated the hospitality scene, including the 2021 purchase of the Whale Inn at Narooma.
Hemmes has also moved laterally, as part of a consortium tendering with Lendlease and Mirvac for the development opportunities above the Sydney Metro project on Hunter Street.
