Nine Entertainment will offload its Willoughby site to a Hong Kong property investor, pending approval from the Foreign Investment Review Board (FIRB).
Nine said today it had signed a put and call option agreement with Euro Properties to sell the site for $147.5 million.
The sale will be completed in two years, after which Nine will be able to remain on the site, under a lease, for up to a further three years. Nine will then re-locate to new premises.
The media group says it expects net cash proceeds after tax of around $135m from the sale, with pre-tax annual lease costs of approximately $10m from completion.
“The move from the birthplace of Australian free-to-air television is a significant milestone for Nine," chief operating officer and chief financial officer Simon Kelly said.
"Our relocation to state of the art facilities will enable us to further optimise our operations as we evolve our business model in a digital world."
Mr Kelly said the sale frees up surplus capital which will provide Nine with the flexibility to pursue strategic opportunities whilst also underpinning its program of increased shareholder returns.
Euro Properties is described as a boutique firm specialising in the investment, development and marketing of prime residential and mixed-use projects with a focus on exceptional design and first-class execution.