- Real Estate Group, Mirvac Group (MGR) has purchased the land that is currently occupied by Nine Entertainment Co. in Sydney
- The site has a potential plan to develop 460 units and approximately 6,000 square metres of public open space
- Mirvac has also applied to purchase the land next door, which belongs to the TX Australia transmission property
- The combined sites will span to 3.2 hectares and will be worth approximately $249 million
- The site has been occupied by Nine since the 1950s and has played a significant role in shaping Australian culture for more than 60 years
- On market close, Mirvac is up 1.50 per cent and is selling shares for $3.38 apiece
Real Estate Group, Mirvac Group (MGR) has entered into an agreement to purchase the land that is currently occupied by Nine Entertainment Co. in Sydney.
The site has a potential plan to develop 460 units and approximately 6,000 square metres of public open space.
Mirvac has also applied to purchase the land next door, which belongs to the TX Australia transmission property. If the application is approved, the company intends to knock down the TX tower and repurpose that site.
The combined sites will span to 3.2 hectares and will be worth approximately $249 million.
The project, which unlocks the site to the public for the first time in more than 60 years, will bring to life a new community, featuring premium residences within a collection of high-quality boutique buildings, nestled amongst generous open spaces and landscaping.
Head of Residential Stuart Penklis, said the site represents a rare opportunity to purchase 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,” he said.
The site has been occupied by Nine since the 1950s and has played a significant role in shaping Australian culture for more than 60 years.
Mirvac said its vision is to celebrate this unique history and aims to create a legacy that can be enjoyed by all.
“This acquisition is consistent with our strategy and reinforces our ability to identify and secure opportunities on capital-efficient terms, in the right location, delivering the right product at the right price,” Stuart explained.
“Extending our residential pipeline will enable us to service the growing demand for new homes, as the housing market continues to recover. We look forward to working with council and the community to now deliver this very exciting new project,” he added.
On market close, Mirvac is up 1.50 per cent and is selling shares for $3.38 apiece.