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Developer emerges for Nine properties

Property developer Charter Hall has won the right to negotiate the purchase of Nine’s Sydney and Melbourne headquarters.

The Willoughby property is to be acquired by Charter Hall’s Opportunity Fund No. 5 and a consortium will purchase the Richmond property.

David Southon, Charter Hall’s Joint Managing Director said, “We are partnering in Melbourne with R.Corporation and Crane Corp as they have strong local knowledge, a track record of unlocking the potential of complex sites, an appreciation of sensitive heritage issues and a strong reputation for engaging with local communities.”

UPDATED: The Willoughby sale does not include the transmission tower which belongs to TX Australia. According to The Australian, the television tower remains a thorn in the side of the $120 million sale. It quotes Mr. Southon as saying, “Longer term, it would probably be something that would be good to potentially remove but it’s not something we are focused on at the moment.”

TX Australia chief executive Joe Giovenco told The Australian that the tower could not be relocated. “The Channel Nine (Sydney) tower can’t be relocated because the towers need to stay in one geographic location,” he said.

Nine continues to occupy both properties for a predetermined period to enable it to finalise suitable alternative premises.

The properties are said to be worth about $200M.

Press Release:

Charter Hall, one of Australia’s leading property fund managers and property developers has been awarded the exclusive right to negotiate the purchase of the Nine Network’s headquarters in both Sydney and Melbourne following a tender process.

The Sydney property is an iconic landmark located in Willoughby on Sydney’s Lower North Shore and will be acquired by Charter Hall’s Opportunity Fund No. 5 (CHOF 5). CHOF 5 is the fifth in a series of highly successful and strongly performing opportunistic property funds managed by the Charter Hall Group.

The Sydney property does not include the transmission tower which is owned by TX Australia and is not part of the sale process.

The Melbourne property, located in Richmond, will be purchased by a dynamic consortium comprising 50% Charter Hall’s CHOF 5 and 50% R.Corporation and Crane Corp.

David Southon, Charter Hall’s Joint Managing Director said: “We are excited to be granted the right to negotiate the acquisition of both properties and proceed with the planning and development, providing each market with highly sought after, quality residential offering in well established suburbs.”

Adding further: “We are partnering in Melbourne with R.Corporation and Crane Corp as they have strong local knowledge, a track record of unlocking the potential of complex sites, an appreciation of sensitive heritage issues and a strong reputation for engaging with local communities.”

Both properties represent outstanding infill residential development opportunities in two of the most highly sought after suburbs of Sydney and Melbourne.

The Nine Network is to remain in occupation of both properties for a predetermined period to enable it to finalise suitable alternative premises for relocation.

3 Responses

  1. Fantastic idea Daniel. We’ll have to suggest it to some key people and / or mount some campaigns.

    The ABC had a successful Open Day for its 75th anniversary this year.

  2. It would be great if Nine had some sort of ‘open day’ to the public before they shut-up shop and move. Since so much history has happened at both the Sydney and Melbourne sites I’m sure their would be a huge public turn out for an opportunity to explore the Nine studio’s etc…

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