LEPC9 Pty Ltd Acquisition of Channel 9 site
“A big thank you to the team at McCullough for a job well done.”
Callum Sked – Senior Development Manager, Platform Project Services Pty Ltd
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.
McCullough Robertson’s Sydney Planning and Environment team advised LEPC9 on its purchase of Channel 9’s historic Sydney studios at Willoughby. 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.
LEPC9 bought the 3ha site, at Sydney’s upper north shore for $147.5 million. 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. The site is expected to generate strong interest from developers given its investment potential.
McCullough Robertson Planning and Environment Partner Patrick Holland led the team from its Sydney office, which included real estate Special Counsel Eva Vicic and finance Partner David Gilham.
To find out more, contact Patrick Holland.