The Sydney property is an iconic landmark located in Willoughby on Sydney’s Lower North Shore and will be acquired by Charter Hall’s Opportunity Fund No. 5 (CHOF 5). CHOF 5 is the fifth in a series of highly successful and strongly performing opportunistic property funds managed by the Charter Hall Group.
The Sydney property does not include the transmission tower which is owned by TX Australia and is not part of the sale process.
The Melbourne property, located in Richmond, will be purchased by a dynamic consortium comprising 50% Charter Hall’s CHOF 5 and 50% R.Corporation and Crane Corp.
David Southon, Charter Hall’s Joint Managing Director said: “We are excited to be granted the right to negotiate the acquisition of both properties and proceed with the planning and development, providing each market with highly sought after, quality residential offering in well established suburbs.”
Adding further: “We are partnering in Melbourne with R.Corporation and Crane Corp as they have strong local knowledge, a track record of unlocking the potential of complex sites, an appreciation of sensitive heritage issues and a strong reputation for engaging with local communities.”
Both properties represent outstanding infill residential development opportunities in two of the most highly sought after suburbs of Sydney and Melbourne.
The Nine Network is to remain in occupation of both properties for a predetermined period to enable it to finalise suitable alternative premises for relocation.