Apartments in the future for Channel 9’s former Sydney studios
Property developer Mirvac has inked a deal to acquire the Nine Network head office site in Sydney, once dubbed the “home of television”, for about $249m, in a sign the developer believes the residential cycle will swing upward.
The listed developer will seek to develop a $1bn project on the Willoughby site the TV station sold to a Chinese-backed funds manager and a Hong Kong firm five years ago for $147 million.
Mirvac will also buy the TX Australia transmission tower as part of the deal and then demolish it.
The main Willoughby site sold for $227 million, with the remainder paid for the TV tower, showing the rise in property sites despite the residential downturn.
Some Chinese-backed groups are also selling their projects as the offshore pre-sale market is weak and they are worried about the impact of the coronavirus.
Local players like Mirvac are punting they will be able to sell up-market apartments to mainly local buyers.