Seven and Nine make property moves a reality
The unprecedented popularity of lifestyle shows such as House Rules and The Block is driving television production companies to snap up inner-city real estate.
The Seven Network is the latest to buy, choosing an inner-Sydney Beaconsfield warehouse for one of its lifestyle shows such as House Rules or Better Homes & Gardens, whereas The Block opted for Melbourne, buying in St Kilda.
Seven Network (Operations) was so keen to acquire the two-level warehouse at 12-14 Victoria St, Beaconsfield, for about $3 million that it snapped up the property before its scheduled auction on September 20.
Commercial Insights: Subscribe to receive the latest news and updates
The property features potential for terrace and townhouse redevelopment as well as a large frontage to Victoria St in the upcoming trendy suburb.
The warehouse’s ground floor was previously used as a jewellery manufacturing operation while its upper levels were used as a home for its owner, costume jewellery and belt designer Peter Lang.
The warehouse also sports an outdoor upstairs courtyard and secondary accommodation for short-term renters.
Public records reveal Seven Network (Operations) bought the 780sqm property, which was billed as “a creative warehouse with residential development upside”, through Knight Frank South Sydney agent Demi Carigliano.
Carigliano did not return The Australian’s call yesterday. The property sports plenty of natural light, internal car parking and rear-lane access, according to the marketing documents.
The Beaconsfield sale comes as the five newly renovated Gatwick Hotel apartments in Nine’s The Block go under the hammer this weekend in Melbourne.
Prices for the St Kilda apartments range from $2.2 million to $2.8 million, with the auction of the Fitzroy St apartments set to kick off Saturday afternoon. Several Melbourne agents are involved in the sale.
– with Ben Wilmot
This article originally appeared on www.theaustralian.com.au/property.
