Property group Mirvac has bought the Nine network’s headquarters in Sydney as part of a $249 million deal which will replace the TV studios with units.
Mirvac is buying the Willoughby studios from LEPC9, a joint venture of Lotus Property Fund and Hong Kong-based fund managers Euro Properties.
The 3.2 hectare site has planning approval for 460 homes.
The purchase includes a neighbouring transmission tower property. Mirvac will demolish the tower to develop the land.
Nine is leaving Willoughby for North Sydney and sold its base to LEPC9 in 2015.