Iconic Sydney nightspot ivy is set to be demolished and replaced by a 55-storey international hotel.
Merivale owner Justin Hemmes confirmed the plans in The Daily Telegraph yesterday, saying it was always his intention to build a hotel on the Sydney CBD site — which he purchased for $22 million in 2004. It’s now worth around $65 million.
“I always intended [ivy] to be a holding development site,” Hemmes said. “It is just a fantastic site. It’s got so much potential. There are so many options available to us and it’s something I want to do properly so we’ll be taking our time.”
“That was the reason I kept ivy as a low-rise development … so it could be knocked down eventually.”
Hemmes admitted he’d only planned to hold on to ivy for 10 years, but the venue had “proved to be more successful” than he thought. The hotel project is in its early development stages, and Hemmes flagged it would take “years to complete”.
Over the last decade the nightspot has become home to some of the biggest club brands in the world, including Pacha and Ministry of Sound — which only launched at the venue last June. Some of the world’s biggest DJs have delivered sets there, including Eric Prydz, A-Trak, Madeon, Martin Solveig, and Martin Garrix.
It’s business as usual at the club for now: Merivale have yet to announce when ivy will officially close.