Merivale bought the 3,885m2 site at 34-60 Little Collins Street from the City of Melbourne in late February. Located near Victoria’s Parliament House, the site is currently an eight-level carpark with 940 spaces and a lease to Dexus until 2037.
However, Merivale has grand plans to transform the property into a mixed-use precinct which will include a boutique hotel, restaurants, cafes and bars, offices and creative studios, galleries and exhibition spaces, retail outlets and an “incubator hub” for emerging artists and “youth culture”. The site will also have a sky garden and be able to host music and entertainment.
In their media statement, Merivale says the site will not be a nightclub “by any means, but rather a significant and well-considered creative, social precinct”. The parcel of land has multiple street frontages, totally 191m.
“This is our boldest and most innovative project that we have embarked upon to date; a vision that I’ve been conceptualising and refining for a decade,” said Merivale’s CEO, Justin Hemmes.
“Parkade offers such an incredible opportunity to do something so special for the people of Melbourne.
“The revitalisation and repurposing of this under-invested yet wonderful site has the potential to be an incredible addition to the fabric of Melbourne, an iconic landmark destination precinct full of life and vitality.”
The precinct will include Melbourne iterations of many of Merivale’s Sydney venues, including Totti’s, mimi’s MuMu, will’s cocktail bar and an underground JAM Record Bar. There will also be a subterranean jazz club.
While Merivale says there’s no confirmed standalone events spaces yet, restaurants within the development will likely be available for exclusive and semi-exclusive buyouts for events.
Melbourne’s Lord Mayor, Nick Reece, said Merivale’s purchase was a “huge vote of confidence” in Melbourne.
“This entertainment precinct will be right on the doorstep of Melbourne’s world-class theatre district – and create hundreds of jobs and generate millions of dollars for the local economy,” he said.
Merivale is expecting the development of the site to take several years and will have to negotiate with Dexus to end its lease on the car park early.
