Billionaire pub baron Justin Hemmes expands his empire after purchasing $6million venue on the NSW South Coast – his fourth in the region
Justin Hemmes has bought his fourth hospitality venue on the NSW South Coast for an estimated $6million.
According to a report by the Financial Review on Friday, the 49-year-old billionaire businessman recently purchased Lynch’s Hotel in Narooma.
It’s part of Hemmes’ recent expansion into regional towns after his company, Merivale, last year purchased the Lorne Hotel on Victoria’s Great Ocean Road for $38million.
Taking care of business: Justin Hemmes (pictured at the 2020 Gourmet Traveller National Restaurant Awards in Sydney in August 2019) has bought his fourth hospitality venue on the NSW South Coast for an estimated $6million
‘We have been looking for a heritage pub to further our continued investment in the region,’ Hemmes said of his latest acquisition.
‘Lynch’s Hotel presents great potential in a township I have a strong personal connection with, and I am looking forward to bringing this project to life alongside the local community.’
In addition to Lynch’s Hotel, Hemmes owns three other pubs in the area: The Quarterdeck, The Inlet and The Whale Inn.
Latest acquisition: According to a report by the Financial Review on Friday, the 49-year-old billionaire businessman recently purchased Lynch’s Hotel in Narooma (pictured)
He also owns a home in Narooma, a popular beach town, which is around 350 kilometres south of Sydney.
Lynch’s Hotel is situated in the heart of Narooma and sits on a roomy 2,300 square metres.
It’s been described as a traditional Aussie pub, and was previously owned by Denham and Jan Carter, who purchased it back in 1998.
‘We have been looking for a heritage pub to further our continued investment in the region,’ Hemmes said of his latest acquisition
Built in 1895, the original pub was destroyed in a fire, and was later rebuilt in 1903.
Hemmes made his debut on the Financial Review Rich List in 2018 with an estimated net worth of $951million.
Last year, his net worth grew to $1.2billion, making him the 97th richest person in Australia.
Expanding the business: In addition to Lynch’s Hotel, Hemmes owns three other pubs in the area; The Quarterdeck, The Inlet and The Whale Inn