Developers put Channel 9’s Sydney studios back on the market
The Nine Network’s Willoughby studios are back on the market — two months after receiving approval for a 460 apartment development.
Joint venture partners Lotus Group and Hong Kong-based Euro Properties are planning to flip the 2.9ha site.
They are believed to be selling to capitalise on the north shore’s booming downsizer market and renewed interest following Nine’s departure from the site next year.
It is being marketed as having a gross realisation value of more than $1 billion.
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Nine sold the site in 2015 for $147.5 million, but it is now tipped to fetch north of $200 million.
Colliers International have been appointed to market the site and it is listed with Guillaume Volz.
The approved masterplan comprises of nine buildings ranging from four to nine storeys and up to 7000sqm of public open space. The plan was drafted by architecture firm Chrofi.
The development has been controversial for locals in Willoughby, who have expressed concern about the scale of the proposed plans.
In January the state’s Independent Planning Commission allowed 60 more homes and two more buildings than approved earlier, after developer LEPC9 applied for changes.
Planning officials received 686 public submissions about the proposal, including 637 objections.
With it back on the market, it will be one of the largest development sites located close to the Sydney CBD that is currently available.
The site has been home of Channel 9 since Australian television began in September 1956. It plan to relocated to North Sydney where they are taking up a 17,000sqm lease in the new 39-storey 1 Denison Street skyscraper.
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