The studio was built for the newly formed network, which began broadcasting weeks before the start of the 1956 Olympic Games in Melbourne. The network sold the South Melbourne site to fund manager and developer St Hilliers for $7.5million in 2003 at what was considered a particularly depressed time in the inner-city residential development site market.

After obtaining a permit to develop a major high-rise apartment building on the Channel Seven studio site, St Hilliers sold the property in late 2007 to boutique builder Fridcorp and joint venture partner Trafalgar Corporate Group for about $15 million. Last year, Fridcorp unveiled its proposal for the site – Elm, a 22-level apartment building designed by Elenberg Fraser with Hecker Phelan and Guthrie designed interiors. About 80 per cent of the 271 units have sold off the plan, Fridcorp says. Construction of Elm starts in March.

Fridcorp director Paul Fridman says the builder is considering a number of ways it can recognise the site’s unique local history.

Channel Seven’s studio operations have moved to Docklands.