Jonson Street Hemmed In

May 27th, 2021

Jonson Street Hemmed In

2021-05-27 05:05

The old Woolworths site, 98-106 Jonson Street, has been sold in conjunction with the adjacent Mercato Shopping Centre, at 108-116 Jonson Street. Melbourne based finance company Wingate and developer Azzura were the vendors and the rumoured price is around $120 million. This would make it by far the biggest real estate deal ever done in the booming Bay.

Sydney pub baron Justin Hemmes was rumoured to be the purchaser of this prime double site. This is not correct. It was actually purchased by the Mustaca and Pelligra Families in conjunction with a couple of fund managers. The vacant portion of the site currently holds a flexible B2 local centre zoning, which allows for mixed-use ­development such as retail, residential and accommodation.

Justin Hemmes is the son of celebrity Sydney couple, Jon and Merivale Hemmes. Originally into fashion with a clothes label and retail outlets; “Jon and The House of Merivale”. The family branched out into licenced hotels and restaurants and now Justin is a billionaire and owner of over 80 pubs and venues. He is a frequent visitor to Byron Bay and although being a bidder on the above sites was not the winner. He is the buyer of the Cheeky Monkey site where he may have plans for an upmarket Italian restaurant. He was also bidding for the Bangalow Hotel but owner Tom Mooney and wife Catherine declined to sell, even though the offer was rumoured to be $50 mil.

SMH article

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