PBL Media last month confirmed the 2.5 hectare Bendigo Street property, a prime residential development site, would be sold in a deal expected to fetch as much as $50 million. Earlier this year it appointed adviser LEK Consulting to conduct a valuation on the Richmond site, and another in Willoughby in Sydney, which it also announced it would sell.
LEK Consulting director Dan Dempsey declined to comment on any part of the sale process when contacted by Capital Gain. Representatives from Channel 9 failed to return calls.
One high profile agent believes the Richmond property will be put to the market late this year, for settlement early next year. He said relocation issues, including the purchase of new studios at Docklands, was slowing the sale process, which was expected to start early this financial year.
It’s anticipated Australand, Mirvac and MAB Corp will be amongst those vying for the site, which is still zoned Industrial and has heritage, and potential environmental issues to be considered, prior to any redevelopment.