Channel Nine's Willoughby HQ site comes to market
The Willoughby headquarters of the Nine Network is about to hit the market.
The LEPC9 joint venture which consists of Sydney-based property group and funds management company Lotus Group and Hong Kong-based global property group Euro Properties is behind the sale.
The three hectare, mixed-used development located on Artarmon Road in Sydney’s lower north shore has been ‘Masterplan Approved’.
Designed by architects CHROFI, the site currently includes approval for 460 apartments across nine buildings ranging in height from four to nine storeys, as well as public piazzas and open green space.
Channel Nine will remain the tenant until late 2020.
Euro Properties Executive Director Jeff Chan said: “Since the joint venture acquired the site in August 2015, we have added considerable value in developing the masterplan and working with the award-winning architects, CHROFI to conceive this highly sophisticated concept plan for the site.”
“LEPC9 has had numerous advances from prominent groups and has resolved to take the site to market now that significant value has been added to the site through the uplift in density with a new masterplan including improvements in overall layout as well as new connection to the nature reserve.”
Colliers International National Director, Development Sites, Residential, Guillaume Volz said they expect a hot contest amongst big development groups.
“A lot of developers have either held off buying waiting for better market conditions or have not found suitable sites to acquire,” Volz said.
“This prudent approach has however led to many companies facing a gap in their development pipeline.
“We have seen evidence of increasing confidence as there have been several direct approaches for the Channel Nine site particularly from those developer interest is increasing with developer’s looking to restock for 2020 and beyond.
“The location and the fact the site is masterplan approved allows groups to put their mark on the development and to take it forward.
“Significantly, with Channel Nine still tenanting the site until late 2020, the site remains cash-flow positive.
“Furthermore, the supply wave of apartment sites in Sydney has dramatically dropped and there is significantly less supply coming into the market until 2021/2022.”
Volz said Colliers International planned to present this opportunity to developers overseas as well as the local market.
“Willoughby is grossly underdeveloped and therefore perfectly placed to capture improving buyer sentiment, particularly in the highly desirable lower north shore,” Volz added.
