THE Nine Network has tapered down the field of potential buyers for the $200 million sale of its Melbourne and Sydney properties.
Lend Lease and a consortium led by Andrew Rettig’s R Corporation including Charter Hall and John Crane’s Cranecorp, are the only parties in the running for TCN’s $85 million Melbourne studios site.
Located at 22-56 Bendigo St Richmond, the property is just 4km from the Melbourne CBD.
Whilst the site currently holds an Industrial Zone permit under City of Yarra Planning Scheme, the three hectares site is likely to be redeveloped into a housing estate.
If the R Corporation consortium is successful, it will be the second redevelopment project R Corporation has undertaken in the area.
R Corporation along with Red C and Babcock & Brown were behind the Tribeca apartment in East Melbourne, formerly the Old Victoria Brewery site for Victoria Bitter.
Meanwhile, Charter Hall is also in the running for TCN’s Sydney property at Willoughby.
But Charter Hall faces competition from Mirvac and Stockland, who are also vying for the site after missing out of the Fosters Group’s 5.8 hectares Kent Street Brewery site in June this year to Fraser Property.
Charter Hall was runner up for the Kent St Brewery site, which Fraser Property snapped up for $208 million.
Located at 6-30 Artarmon Road, six kilometres north of the Sydney CBD, the 28,730 sqm Willoughby site provides substantial redevelopment opportunities.
The site is expected to fetch around $120 million.
The sale of TCN’s Melbourne and Sydney studio properties is being brokered by Colliers International and is expected to be finalised by the end of the week.
PropertyReview
