Merivale has won a tender to acquire the Parkade site at 34-60 Little Collins St, Melbourne, with plans to create a massive multi-use precinct.
The Parkade site, owned by Melbourne City Council, was put up for sale after community consultation in May last year. On 25 February, Councillors resolved to finalise the sale of land to Merivale, with a settlement date set for June 2025.
“After an exhaustive and competitive market process, the City of Melbourne has sold 34-60 Little Collins Street to the Merivale Group,” stated a City of Melbourne spokesperson.
“We want to thank the community for their patience while we undertook this process – and congratulate the Merivale Group on their successful bid for the site.”
Emphasising its long-term commitment to Melbourne, Merivale’s vision for the Parkade site is a unique mixed usage precinct which supplements the cultural and arts life of the city including an enormous breadth of attractions. It will be targeted at Melburnians and tourists alike. It’s offer will include:
• Several restaurants, cafes and bars
• Unique public sky gardens, with extensive greenery throughout
• Boutique hotel accommodation
• An incubator hub for up-and-coming artists and youth culture
• Creative studios and supplementary offices
• Galleries and exhibition spaces
• Live music and entertainment
• Destination and general retail
• Improved pedestrian and visitor amenity and safety in the immediate area
“This is our boldest and most innovative project that we have embarked upon to date; a vision that I’ve been conceptualising and refining for a decade,” stated Merivale CEO Justin Hemmes.
“Parkade offers such an incredible opportunity to do something so special for the people of Melbourne. The revitalisation and repurposing of this under-invested yet wonderful site has the potential to be an incredible addition to the fabric of Melbourne, an iconic landmark destination precinct full of life and vitality.”
City of Melbourne Lord Mayor Nick Reece lauded Merivale and its leadership, suggesting the group’s plans would help enhance Melbounre’s cultural and hospitality scene further.
“Justin Hemmes is the king of Sydney’s hospitality industry – and it’s a huge vote of confidence that Merivale has chosen to invest in Melbourne.
“This entertainment precinct will be right on the doorstep of Melbourne’s world-class theatre district – and create hundreds of jobs and generate millions of dollars for the local economy,” stated the Lord Mayor.
“More than just a typical pub or hotel, Merivale’s ambitious vision showcases our love for culture, music, fine dining and fitness – offering an iconic experience for residents, workers and visitors day and night.”
The collective of venues, offerings, garden and creative spaces will work together to provide a hub of attraction. It is not a nightclub by any means, but rather a significant and well-considered creative, social precinct which will be accessible to all walks of life and attractive to many varied interests and demographics.
Merivale is well-versed in creating hospitality precincts – with the ivy, Establishment and Coogee precincts very popular in Sydney – but the Parkade precinct will also have a distinct focus on arts and culture. Local artists and cultural organisations and institutions will be sponsored; those that will be critical to the activation and success of the project, thereby supporting and promoting Melbourne’s future talent.
The site, which at present houses a multi-storey carpark and retail outlets, is currently leased to Dexus until June 2037. The sale of the land does not terminate the existing lease – meaning that a mutual agreement between Merivale and Dexus is required to change the use of the site as a car park before 2037. Merivale is already engaging with neighbours to the site, including Melbourne Club, Melbourne’s Chamber of Commerce and the Salvation Army. Where possible, during the detailed design and approval stages, Merivale will explore immediate, interim activations of certain areas of the site, but the complete revitalisation of Parkade will occur over several years.