LEPC9 buys historic Channel 9 site
McCullough Robertson’s Sydney Planning and Environment, Real Estate and Finance teams have advised LEPC9 Pty Ltd on its purchase of Channel 9’s historic Sydney studios at Willoughby.
Planning and Environment Partner Patrick Holland led the collaborative team which included real estate Special Counsel Eva Vicic, finance Partner David Gilham and finance Special Counsel Katy Anderson.
LEPC9 bought the 3ha site, at Sydney’s upper north shore for $147.5 million and part funded the purchase price by way of a syndicated loan facility arranged by Deutsche Bank.
The site has concept plan approval to develop 400 residential apartments across eight towers. However, there is a proposal in place to modify the concept plan to increase the number of apartments to 496.
McCullough Robertson also advised LEPC9 in relation to planning issues associated with the redevelopment of the Channel 9 site and on the terms of the finance documents relating to the syndicated loan facility arranged by Deutsche Bank to assist in financing the acquisition of the site.
Mr Holland said the site is expected to generate strong interest from developers given its investment potential.
LEPC9 is a joint venture between Australian property fund Lotus Property Fund and Hong Kong-based fund managers Euro Properties, which have delivered multiple residential projects in Australia, North America and Hong Kong.
As the new landowner, LEPC9 recognises the opportunity to deliver better outcomes for the development of the site and has undertaken a design-led process to ensure these outcomes are achieved.
McCullough Robertson acts for property developers, contractors and mining companies throughout NSW as well as industry representative bodies, local and state government departments. Recent projects include the $1 billion Dalian Wanda Circular Quay development and the Eastlakes Shopping Centre redevelopment.
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