REST Close to Buying 717 Bourke Street Office For $240 Million

A CONSORTIUM including Babcock & Brown, education facility Global Campus Management and design firm Metier3 are believed to be close to offloading a Melbourne office for about $240 million.

The distinctive 37,000 square metre office at 717 Bourke Street will soon be recognised as the new home of Network Nine, which leased space at the Docklands building after selling its long time home at Bendigo Street Richmond to Lend Lease.

BP Australia, AIG, Marsh Australia, Telstra and the Financial Ombudsman Service are other tenants at 717 Bourke Street.

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Nine Network to Sell Richmond Studio to Lend Lease For $52 Million

Nine's outgoing Bendigo Street Richmond studioIT may be the end of an era in Richmond, with Sydney-based developer Lend Lease understood to be in advanced negotiations to buy Network Nine’s Bendigo Street studio, for about $52 million.
 
The Richmond property, home to Nine since 1956, is expected to be redeveloped into a mix of apartment towers with about 600 units.
 
An office component, and some form of ground floor retail, may also be included in any redevelopment of the three hectare site, but this could not be confirmed with Lend Lease project director Maurice Cococcia, who declined to comment on any part of a deal when contacted by Capital Gain.
 
Representatives from Nine’s owner, PBL Media, failed to return calls.

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