Pub baron Justin Hemmes has finalized negotiations to buy a massive block of land in the heart of the celebrity-infused tourist town of Byron Bay, a report claims.
The Merivale boss has spent $ 50 million on the sprawling block in NSW’s most popular beach town, which used to house a Woolworths supermarket, according to The Sunday Herald Sun,
Hemmes would plan a $ 20 million redevelopment of the site to create a new ‘mega-place’ similar in layout and style to its popular Coogee Pavilion establishment in Sydney’s eastern suburbs.
New Purchase: Pub baron Justin Hemmes, 48, (pictured) is said to have spent $ 50 million on a giant plot of land in Byron Bay, with plans to spend another $ 20 million building a ‘megapark’ similar to it Coogee Pavilion
The huge block on Johnson Street in Byron covers 4,128 m2 and has flexible B2 Local Center zoning, allowing for mixed-use development such as retail, residential and hotel.
The property market in Byron Bay has recently become a hot spot for wealthy investors looking to buy a slice of Australia’s hottest holiday destination.
However, there has also been a local uprising, with locals refusing to sell to cashed-in investors despite big bids.
‘Mega Location’: The site, located on Johnson St in Byron, covers 4,128 m2 and supports a flexible B2 Local Center zoning, enabling a wide variety of mixed-use development including retail, residential and hotel
Byron Struggle: It comes months after a handful of rejected offers to buy some of Byron Bay’s signature pubs. Stu Laundy (pictured) and Justin reportedly in a fierce battle to buy the iconic Pacific Hotel in Yamba, close to Byron Bay
In March, neither hotelier Justin nor his pub baron rival Stu Laundy could provide enough money to secure the historic Bangalow Hotel, which is 9 miles inland from Byron Bay.
The rival pub barons became embroiled in a bidding war for the 60-year-old pub, owned by NRL star Tom Mooney and his wife Cathryn, with the highest bid of a whopping $ 50 million.
However, neither were successful despite the huge money supply, with the Mooney family holding company stating the pub would be in their hands for the foreseeable future.
At war: The rival pub barons were reportedly engaged in a bidding war for the 60-year-old pub (pictured) currently owned by NRL star Tom Mooney and his wife Cathryn, with bids reaching up to $ 50 million
The family also owns The Rails Hotel in Byron Bay and The Pacific Hotel in Yamba, which is an hour and a half south of Byron.
Laundy and Hemmes also reportedly watched The Pacific Hotel.
However, it is unclear whether that property was part of the Bangalow Hotel negotiations or whether the Pacific Hotel is still on the table.
Still up for grabs? Laundy and Hemmes also watched The Pacific Hotel last week, according to The Herald Sun last month
Laundy and Hemmes are embroiled in a bidding war as the pair are known to have recently competed for Chris Hemsworth’s local watering hole The Lennox Hotel in nearby Lennox Head.
Bachelorette star Laundy, in partnership with hotelier Fraser Short, bought The Lennox Hotel with a bid of nearly $ 40 million.
Last August, Laundy and Fraser confirmed they had also bought Byron Bay’s trendy location The Farm for $ 16 million.
Laundy, who appeared on Channel 10’s The Bachelorette in 2017, has a share of his family’s $ 500 million fortune.
Cha Ching! Laundy, who appeared on Channel 10’s The Bachelorette in 2017, has a share of his family’s $ 500 million fortune
The Hemmes family’s fortune is worth approximately $ 1.06 billion.
His real estate portfolio includes the pubs in Sydney, Beresford Hotel in Surry Hills, which he bought in 2010, the Queen Victoria Hotel in Enmore in 2015 and Bondi’s Royal Hotel, which he bought in 2017.
Hemmes also recently bought his ex Kate Fowler a $ 7.5 million mansion at Dover Heights, Sydney’s most exclusive suburbs.
Fortune: Meanwhile, Hemmes and his family’s empire are believed to be worth approximately $ 1.06 billion