Mirvac Group (ASX: MGR) has entered a $249 million deal that will see it take over a redevelopment project on land currently home to Nine Entertainment's (ASX: NEC) headquarters in Willoughby, Sydney.
Mirvac has entered into an agreement to acquire the site from LEPC9 Pty Ltd, a joint venture between Lotus Property Fund and Hong Kong-based fund manager Euro Properties.
The developer intends to proceed with a concept plan approval involving 6,000 square metres of public open space and the construction of 460 new dwellings.
An agreement has also been reached to acquire the adjacent TX Australia property, where it plans to demolish the TX transmission tower and repurpose the site.
The redevelopment will include premium residences within a collection of high-quality boutique buildings, as well as complementary retail and upgraded connections.
Mirvac head of residential Stuart Penklis says the site represents a rare opportunity to acquire a large scale, masterplan-approved landholding in a highly sought-after location.
"Close to all the rich amenity and social infrastructure of Sydney's lower north shore, and offering direct access to the Sydney CBD, the site has the exciting potential to offer our customers all of the convenience of this desirable location with the high-quality built form outcomes that Mirvac is well recognised for," says Penklis.
"The site was first occupied by the Nine Network in the 1950's and has played a significant role in shaping Australian culture for more than 60 years.
"Our vision is to celebrate this unique history and set a new benchmark in design excellence and integrated community living to create a legacy that can be enjoyed by all."
Lotus Property managing director Michael Jiang says the joint venture team's goal for the site was to work with the highest calibre at CHROFI to conceive what they believed to be the best design outcome for the site, delivering as much added value as possible.
"We are very satisfied with what we have achieved and are pleased with the final outcome," says Jiang.
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