Nine site sold to property developer

Property developer the Mirvac Group has purchased Nine’s Willoughby in a deal worth about $227 million.

The 3ha site will include 460 apartments across 10 mid-rise buildings, ranging in height from four to nine storeys.

The masterplan includes 6000 sqm of publicly accessible open green space, designed to create a contemporary village-style community.

The site was originally sold in 2015 for $147 million to a joint venture party formed by Australian property fund the Lotus Group and Hong Kong-based fund managers Euro Properties. Nine then leased the property.

Mirvac has also entered into an agreement to acquire the TX Australia transmission property and  intends to demolish the transmission tower and repurpose the site.

Stuart Penklis, Mirvac’s head of Residential, said, “The site was first occupied by the Nine Network in the 1950s and has played a significant role in shaping Australian culture for more than 60 years. Our vision is to celebrate this unique history and set a new benchmark in design excellence and integrated community living to create a legacy that can be enjoyed by all.”

It has been home to such shows as Bandstand, The Paul Hogan Show, The Mike Walsh Show, Midday, 60 Minutes, A Current Affair, Coast to Coast, The Footy Show, Today and Mornings with Kerri-Anne.

Nine is relocating to a new Sydney base at 1 Denison tower North Sydney, expected to be completed later this year.

Source: realestate.com.au