In a significant move set to reshape Melbourne’s hospitality landscape, Sydney billionaire Justin Hemmes’ Merivale Group has acquired a prominent car park at 34-60 Little Collins Street it plans to turn into an entertainment precinct reminiscent of its Sydney flagship venue, Ivy.
The proposed development, tentatively named “Parkade i set to become a vibrant hub in Melbourne’s East End and will feature popular restaurants like Totti’s and Mumu, along with exhibition spaces, live music areas, a day spa, and retail shops. The goal is to create a lively, multifunctional destination that brings energy and activity to the area.
The City of Melbourne recently sold the eight-storey car park at 34-60 Little Collins Street to Merivale for around $55 million. However, the site is currently leased to Dexus, which will continue operating it as a car park until 2037.
For the development to move forward, Merivale and Dexus will need to agree on changing the site’s use before the lease ends.
Stay tuned as this ambitious project unfolds.
