The 2.9 hectare site at Willoughby has been entered into a put and call option agreement between Nine Entertainment and developer, Euro Properties.
The sale is then subject to Foreign Investment Review Board approval and if all goes according to plan, Nine will vacate the premises in five years.
Euro Properties, who have created over 25 apartment and luxury housing developments from the USA to Asia will then have the option to build over 400 apartments.
Matthew Ramsay of CBRE said, “Sydney’s lower north shore residential market has been under-supplied for some time and this site provides a key opportunity to deliver a project of significant scale in a highly desirable location.”
It’s no wonder the site received 17 bids from local and international investors as it will add much needed housing to Sydney’s North Shore – and who wouldn’t want to live on the birthplace of Australian free-to-air TV?
Photo by Jonathan Teo