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Charter Hall is believed to have dropped the price it will offer for Channel Nine's Richmond television studios by about $20 million.
Sources say the Sydney-based developer and fund manager, which agreed to buy the Bendigo Street site with developers R. Corporation and Crane Corp late last year, is now offering between $60 million and $65 million for the three-hectare site, home to the network since 1956.
It was reported the consortium offered between $80 million and $85 million in December.
Charter Hall, headed by David Harrison, who was once Australia's highest-earning real estate agent, is also believed to have dropped the price for the network's Sydney studios at Willoughby from $120 million to between $90 million and $95 million in March.
As a portfolio, Nine, controlled by private equity firm CVC Asia Pacific, may pocket just $150 million for assets valued at $200 million six months ago.
It is believed the network is proceeding with the deal at the lower amount, because it is unlikely to receive a higher bid.
The timing of the sale has been a disaster for the network, with the credit crunch affecting the institutions that could afford large sites, and interest rates affecting potential apartment and townhouse buyers.
But a surge of private investors swooping on CBD and Southbank development sites suggests there is still depth in the market, with one saying $60 million could be seen as a steal, with the benefit of hindsight.
Representatives from Charter Hall, on behalf of the development consortium and PBL Media, representing Channel Nine, declined to comment. Colliers International is selling the site with Tim Bolton. Colliers chief executive John Marasco and Mr Bolton declined to comment.
Channel Nine is planning to relocate its studios to Docklands.
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