Charter Hall is believed to have dropped its offer for Channel Nine’s outgoing Richmond television studios by c$20 million.
Sources say the group, which agreed to buy the Bendigo Street site with R. Corporation and Crane Corp late last year, is now seeking to pay $60-$65m.
The three hectare property has housed the network since 1956.
Charter Hall is also understood to have lowered its bid for the network’s Sydney (Willoughby) studio – from $120m to between $90-$95m.
This would mean, Nine, controlled by private equity firm CVC Asia Pacific, may pocket just $150m for assets valued at $200 million six months ago.
It is speculated the network would still take the lower amount because it is unlikely to receive a higher bid.
The timing of the listing has been affected by the credit crunch – limiting developers and institutions which compete at this price point.
Representatives from Charter Hall, on behalf of the development consortium, PBL Media/Nine, and the marketing agents – Colliers International’s John Marasco and Tim Bolton, declined to comment.
The media group is planning to relocate its Melbourne studio to Docklands.