PHOTO: The Potts Point landmark building is up for grabs for the first time in more than 30 years.

Sydney’s multimillionaire bar tsar Justin Hemmes usually makes property headlines for his big-ticket purchases so it is somewhat of a novelty to report him selling one of his family’s longest-held investments set in the heart of Potts Point.

Hemmes’ father, the late John Hemmes and wife Merivale were renowned for their iconic fashion house Merivale when in 1988 they bought the property at the corner of Macleay Street and Challis Avenue for $1.428 million.