Merivale’s Justin Hemmes has reportedly acquired a new development site in the Sydney CBD between Town Hall and Wynyard for an estimated $200m.

The Kings Green development site, which was to become an office skyscraper, includes four adjoining buildings in King, Clarence and York Street and looks likely to become Merivale’s next Ivy-style hospitality precinct.

Merivale will undertake a major revamp of the existing buildings on the site to create a high-end bar and dining precinct and potentially also a boutique hotel, The Australian has reported.

Although Merivale declined to comment on the acquisition, it is understood the group bought the four historic buildings from the TrueGreen Positive Impact Group, which amassed the 2000 square metre holding for around $170m with plans to build a $1.8 billion 49-storey eco office tower.

Merivale has been branching out beyond its Sydney roots in the last couple of years, buying new venues in Narooma, Byron Bay, and Victoria – including Tomasetti House on Flinders Lane in the Melbourne CBD and the Lorne Hotel.

In another recent deal, Merivale has become the exclusive hospitality partner of the Sydney Cricket Ground and the new Sydney Football Stadium, announcing plans to elevate the food offerings with the help of its chefs and established food brands.

The Kings Green site sits next to the Merivale-owned Hotel CBD in King Street. It is understood that the office tower will no longer go ahead, with the heritage elements of the buildings to be left untouched by Merivale, reports The Australian.

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