Channel Nine has appointed real estate agents CBRE to manage the sale of its Sydney studios at Willoughby.
Staff learned of the move to sell the 2.9 hectare property, which has been used for nearly 60 years to make television shows, this morning in an email memo.
“We have appointed CBRE as our agents to manage the potential sale of the site, they will be making an announcement about that appointment later today,” said Brett Dickson, Chief Operating and Financial Officer.
“If we are successful in the sale process, it means we may one day relocate from the Willoughby campus – but that will not happen anytime soon. In fact any sale is contingent on a lease-back provision for us to continue operating from the site, so in the meantime, it’s business as usual.”
The property has approval for a $200 million redevelopment, including 400 apartments.
The mean price for a house in Willoughby on around 600m2 is $1.8 million, with the Channel 9 site expected to be worth in excess of $50 million.
On the weekend, a house on 714.5m2, in nearby Gladesville, sold for $2.85 million, $1.1 million above reserve, to a developer
Nine has broadcast from the Willoughby site since 1956.