Nine to sell Richmond studio to Lend Lease

It may be the end of an era in Richmond, with Sydney developer Lend Lease believed to be in advanced negotiations for Nine’s Bendigo Street studio.

The sale price is understood to be about $52 million.
 
The three hectare property, home to the media group since 1956, is expected to be replaced with apartments – agents have suggested about 600 would be feasible.
 
An office, and some form of ground floor retail, may also form part of a development outcome.

Lend Lease project director Maurice Cococcia declined to comment when contacted by The Age.
 
A spokesperson for PBL Media, Nine’s parent, was unavailable.

Any deal would coincide with reports the television group is seeking to relocate to the city or fringe – to rent or buy.

Twenty two Bendigo St and another studio, at Sydney’s Willoughby, were publicly listed for sale two years ago – almost immediately before the Global Financial Crisis.

A consortium comprising Charter Hall, Crane Corporation and R.Corporation nearly bought it early last year – but when an agreed price was lessened during the due diligence process, Nine withdraw it.

Related article: Channel Nine May be Revisiting Plans to Sell Studios, and Lease

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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