A joint venture between an Australian property fund and a Hong Kong fund manager has purchased purchase Channel 9’s historic Sydney studios by the city’s north shore, through the help of independent law firm
McCullough Robertson.
LEPC9, a joint venture between Australian property fund Lotus Property Fund and Hong Kong-based fund managers Euro Properties, bought the three-hectare site for $147.5m. McCullough Robertson’s 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.
The purchase was assisted by a syndicated loan facility arranged by Deutsche Bank, with financial documents acted on by the law firm. McCullough Robertson also advised LEPC9 in relation to planning issues associated with the redevelopment of the Channel 9 site.
LEPC9 will build at least 400 residential apartments across eight towers. However, there is a proposal in place to increase the number of apartments to 496. Holland said the site the site is expected to generate strong interest from developers because of its investment potential.
Among other things, McCullough Robertson is known for advising property developers, contractors and mining companies throughout New South Wales. Its recent projects include the $1bn Dalian Wanda Circular Quay development, and the Eastlakes Shopping Centre redevelopment.
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