With a current valuation of around $65 million, the property has exploded in value since Hemmes bought the site for $22 million in 2004.

Hemmes has been quoted saying he's always intended The Ivy to be a holding development site, with a high-rise luxury hotel completing the dream he has for the property.

With the Ivy proving more successful than Hemmes first envisioned, he has lengthened his stay which he had originally planned to last only 10 years.

“The Wynyard station redevelopment in particular will make a big difference to that 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."

If no hiccups are encountered in the development process it would make Hemmes the landlord of one of Sydney’s tallest buildings, with 55-storeys being the maximum under the area's building restrictions.

Andrew Jolliffe, Ray White’s Asia Pacific Director of Hotels and Tourism, has said “Justin is one of only a small handful of local hospitality operators who could very successfully cross over into the accommodation asset class with scale.”

Click here to view the Ivy's official website.

See also:

Meriton towers planned for Parramatta riverfront

Grocon, Aqualand and Scentre Group awarded central Barangaroo precinct

New hotel development opportunity for Sydney’s Iconic Sirius Building

Source: The Daily Telegraph