Television behemoth Nine Entertainment is selling its studios in Sydney’s Willoughby with hopes of reaping more than $150 million.
The high profile north shore property has an approved plan for the development of up to 400 residential dwellings in five apartment buildings.
Nine will sell the 2.9ha property on the basis of a leaseback, giving the company the time to find a suitable long term premises.
It is a historic move for the network, which has been broadcasting from the Willoughby site for over 50 years.
CBRE’s Matt Ramsay and Scott Gray-Spencer have been appointed to market the property.
“We expect significant local and offshore developer and investor interest in this highly
sought after site particularly in light of the recent concept plan approval,” Mr Ramsay said.
“The NSW Government has a clear focus to address Sydney’s housing shortfall and this site is ideally positioned to deliver a project of significant scale in a highly desirable, north shore location.”
Mr Gray-Spencer said the sale terms and lease structure would ensure maximum participation from local and offshore developers.
“The campaign provides a rare opportunity to acquire a strategically located site on the lower north shore where new price records have recently been set,” Mr Gray-Spencer said.
This article was first published on The Australian Business Review