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Merivale sells Potts Point freehold building for $13m +

People & Companies / Latest News

Australia

May 20 2019

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Merivale owner Justin Hemmes has sold an iconic Potts Point freestanding building at 61-63 Macleay Street, for over $13 million, $2 million above price expectations, prior to Auction via Jason Boon of R & W Elizabeth Bay. 

Merivale has purchased around $220 million in pubs over the last five years and originally purchased 61-63 Macleay Street in 1988 for $1,428,000. The three level mixed use residential and retail building housed Mirvales first ever coffee shop.

Hemmes says: “It holds a very special place in my heart as it was the family’s first foray into the hospitality world 30 years ago.

“However the opportunity arose to sell the building vacant possession allowing the new owner to work their magic and take it on its next journey.

Merivale’s eastern suburbs venues include Hotel Centennial, Fred’s, The Paddington, Coogee Pavilion and the Royal Hotel, site of the hugely successful Totti’s.

According to Andrew Woodhouse from Heritage Solutions, 61-63 Macleay Street was originally part of suite of ten terrace houses built in 1897. The terraces faced Macleay Street, and extended from Challis Avenue to McDonald Street. The larger site was later subdivided and the streetscape at ground level altered over the years. But you can still see the parapets of the original buildings along Macleay Street if you look up.

The building was designed in the Federation arts and crafts style by well-known architect, Maurice Halligan. Halligan was also responsible for co-designing nearby apartment building Kingsclere and hotels including The Observer, the Newmarket, The Fitzroy, and The Dunbar Hotel.

Despite alterations over the years, the building still retains elements of the original period character features, like the terracotta chimney pots, stucco façade, an iron laced balcony, marble fireplace, double hung wooden sash windows and deep skirting boards.

Fast forward several decades and the ground floor of the building is currently home to Merivale restaurant, The Fish Shop, and a luxury clothing and interiors boutique, Arida. The first and second floors are residential, comprising of 2 x two bedroom apartments and 2 x three bedroom apartments, which look out over the plane trees and the local area.

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