Two property funds have acquired Channel 9’s former studios in Sydney and plan to develop the site for residential use.
Firms: McCullough Robertson (LEPC9 Pty Ltd); Ashurst (Channel 9); MinterEllison (financiers)
Deal: LEPC9 acquired Channel 9’s Sydney studios at Willoughby.
Value: $147.5 million
Area: Planning and environment, real estate and finance
Key players: The McCullough Robertson team advising LEPC9 was led by planning and environment partner Patrick Holland (pictured below), and included partner David Gilham and special counsel Eva Vicic and Katy Anderson.
Deal significance: LEPC9, a joint venture between Australian property fund Lotus Property Fund and Hong Kong-based fund managers Euro Properties, acquired Channel 9’s Sydney studios in the northern suburb of Willoughby.
LEPC9 has approval to develop 400 residential apartments across eight towers on the 3-hectare site. There is a proposal in place to increase the number of apartments to 496.
McCullough Robertson advised LEPC9 on the acquisition and the planning issues associated with the redevelopment.
“As the new landowner, LEPC9 recognises the opportunity to deliver better outcomes for the development of the site and has undertaken a design-led process to ensure these outcomes are achieved,” according to a statement from McCullough Robertson.
Lead partner Patrick Holland said the site is expected to generate strong interest from developers.
Pictured: McCullough Robertson partner Patrick Holland
Pictured top: Concept for the redevelopment