{"id":15505,"date":"2022-03-21T10:36:07","date_gmt":"2022-03-20T23:06:07","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/?p=15505"},"modified":"2022-03-21T14:27:03","modified_gmt":"2022-03-21T02:57:03","slug":"justin-hemmes-is-transforming-a-nsw-town","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/justin-hemmes-is-transforming-a-nsw-town\/","title":{"rendered":"Justin Hemmes is transforming a NSW town"},"content":{"rendered":"<p>Seemingly every suburb in Sydney has experienced the Justin Hemmes Effect (JHE) by now.<\/p>\n<p>Slowly but surely, since taking over the reins at Merivale over twenty years ago, Justin has been building one of Australia\u2019s most successful hospitality empires\u2014with close to 80 pubs, hotels, restaurants and other venues now part of its ever-growing portfolio.<\/p>\n<p>In 2015, Hemmes splurged a cool $50 Million on the iconic Northern Beaches watering hole, The Newport Arms. Rebranding it simply as \u2018The Newport\u2019, the pub was given the full Merivale treatment\u2014a modern menu, acclaimed chefs, chic d\u00e9cor, wood, stone and marble finishes, and of course, brass pendant lights. The locals were sceptical, but the praise was swift, and before long, visitors from across the state were descending on the shores of Pittwater for the weekend. The JHE had put Newport on the map. And now it\u2019s Narooma\u2019s turn.<\/p>\n<p>Sorry, where? If you haven\u2019t heard of Narooma until now, it\u2019s still not too late to snag a house for under $1M, but that won\u2019t be the case for long. The sleepy south coast town is a five-hour drive from Sydney, or about a one-hour flight on Justin\u2019s seaplane after take-off from The Hermitage, his heritage-listed waterfront mansion in Sydney\u2019s Vaucluse. With a population of under 3,500, Narooma has long enjoyed its status as a hidden holiday gem until an estimated $40M investment put its name in the headlines.<\/p>\n<p>For that price tag, Merivale last year acquired a trio of Narooma\u2019s best assets\u2014local fish and chip shop The Inlet, tiki cocktail bar The Quarterdeck, and 17-room boutique hotel, Whale Inn. Around the same time, Hemmes also dropped $13M for Byron Bay\u2019s infamous Cheeky Monkey bar and $38M for the Lorne Hotel. But the Whale Inn was the first venue Merivale acquired outside of Sydney, and the JHE seems to have made impact already.<\/p>\n<p>Just last week, Merivale added a fourth venue, paying $6 million for the Lynch&#8217;s Hotel, an old fashioned &#8220;Aussie pub&#8221; in a heritage building dating back to 1903.<\/p>\n<p>In the past year, house prices have risen over 30% in Narooma, with the median house price now sitting at $725K and it near impossible to find a decent waterfront property for under $4 million. In 2021, Narooma recorded the largest increase in apartment rents during the year, up 33% to $553 per week.<\/p>\n<p>Hemmes\u2019 love-affair with Narooma started back in 2015, when he dropped $7.5M on what he dubs \u201chis old weatherboard cottage\u201d set on 60 hectares of stunning beachfront overlooking the Glasshouse Rocks. \u201cNarooma has become my second home and the backdrop to so many of my happiest memories with my family. I think it is one of the most beautiful spots in the world\u201d, he has said. Prices began to climb after Justin moved into the neighbourhood, and with his latest acquisitions, prices have jumped again.<\/p>\n<div class=\"bt_bb_row\" data-structure=\"12\">\n<div class=\"bt_bb_column col-md-12 col-ms-12 bt_bb_align_left bt_bb_vertical_align_top bt_bb_padding_normal\" data-width=\"12\">\n<div class=\"bt_bb_column_content\">\n<div class=\"bt_bb_separator bt_bb_bottom_spacing_small bt_bb_border_style_none\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"bt_bb_row_wrapper bt_bb_row_width_boxed_1200\">\n<div class=\"bt_bb_row\" data-structure=\"2-4-4-2\">\n<div class=\"bt_bb_column col-md-2 col-sm-4 col-ms-12 bt_bb_align_left bt_bb_vertical_align_top bt_bb_padding_normal\" data-width=\"2\">\n<div class=\"bt_bb_column_content\"><\/div>\n<\/div>\n<div class=\"bt_bb_column col-md-4 col-ms-12 bt_bb_align_center bt_bb_vertical_align_top bt_bb_padding_double bt_bb_highlight\" data-width=\"4\">\n<div class=\"bt_bb_column_content\">\n<div class=\"bt_bb_separator bt_bb_bottom_spacing_small bt_bb_border_style_none\"><\/div>\n<div class=\"bt_bb_separator bt_bb_bottom_spacing_small bt_bb_border_style_none\"><\/div>\n<div class=\"bt_bb_text\">\n<h6>Speak To An Expert<\/h6>\n<p>Schedule in a time to discuss your situation with a home loan specialist<\/p>\n<\/div>\n<div class=\"bt_bb_separator bt_bb_bottom_spacing_normal bt_bb_border_style_none\"><\/div>\n<div class=\"bt_bb_button bto btop bt_bb_icon_position_left bt_bb_color_scheme_14 bt_bb_style_filled bt_bb_width_inline bt_bb_shape_inherit bt_bb_size_normal bt_bb_align_inherit\" data-bt-override-class=\"{&quot;bt_bb_size_&quot;:{&quot;current_class&quot;:&quot;bt_bb_size_normal&quot;,&quot;xl&quot;:&quot;normal&quot;},&quot;bt_bb_align_&quot;:{&quot;current_class&quot;:&quot;bt_bb_align_inherit&quot;,&quot;xl&quot;:&quot;inherit&quot;}}\"><a class=\"bt_bb_link\" title=\"BOOK IN A CALL\" href=\"\/finance\/book-a-chat-with-tommy-biller\/\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"bt_bb_button_text\">BOOK IN A CALL<\/span><\/a><\/div>\n<div class=\"bt_bb_separator bt_bb_bottom_spacing_normal bt_bb_border_style_none\"><\/div>\n<\/div>\n<\/div>\n<div class=\"bt_bb_column col-md-4 col-ms-12 bt_bb_align_center bt_bb_vertical_align_top bt_bb_padding_double bt_bb_highlight\" data-width=\"4\">\n<div class=\"bt_bb_column_content\"><\/div>\n<\/div>\n<div class=\"bt_bb_column col-md-2 col-sm-4 col-ms-12 bt_bb_align_center bt_bb_vertical_align_top bt_bb_padding_double bt_bb_highlight\" data-width=\"2\">\n<div class=\"bt_bb_column_content\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"bt_bb_row\" data-structure=\"12\">\n<div class=\"bt_bb_column col-md-12 col-ms-12 bt_bb_align_left bt_bb_vertical_align_top bt_bb_padding_normal\" data-width=\"12\">\n<div class=\"bt_bb_column_content\">\n<div class=\"bt_bb_separator bt_bb_bottom_spacing_small bt_bb_border_style_none\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>According to Hemmes, he first discovered Narooma by zooming in on it on Google maps and proclaiming, \u201cit\u2019s so beautiful, I\u2019m buying a house there\u201d, as you do. While the Eastern Suburbs elite are more than used to Hemmes nonchalantly landing his seaplane on Rose Bay beach at the busiest times of the day (surely a coincidence), it will be interesting to see how the Narooma locals take to his habits. To his credit, he hopes the scene he\u2019s creating in Narooma will inspire locals to start up their own businesses and inject tourist dollars into the small town with pristine beaches, breathtaking views, and now, four great places to eat.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seemingly every suburb in Sydney has experienced the Justin Hemmes Effect (JHE) by now. Slowly but surely, since taking over the reins at Merivale over twenty years ago, Justin has been building one of Australia\u2019s most successful hospitality empires\u2014with close to 80 pubs, hotels, restaurants and other venues now part of its ever-growing portfolio. In&#8230;<\/p>\n","protected":false},"author":4,"featured_media":15507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,6],"tags":[],"class_list":["post-15505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Justin Hemmes is transforming a NSW town - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aus-finance.com.au\/gazette\/from-newport-to-narooma-its-the-justin-hemmes-effect\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Justin Hemmes is transforming a NSW town - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"Seemingly every suburb in Sydney has experienced the Justin Hemmes Effect (JHE) by now. Slowly but surely, since taking over the reins at Merivale over twenty years ago, Justin has been building one of Australia\u2019s most successful hospitality empires\u2014with close to 80 pubs, hotels, restaurants and other venues now part of its ever-growing portfolio. 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