Mirvac has lodged plans for a $1 billion residential masterplan at the Nine Network head office site in Sydney's Willoughby.
The listed developer is looking to develop a cluster of apartment buildings on the site the Nine Network sold to Lotus Capital and Hong Kong-based Euro Properties five years ago for $147 million.
Mirvac picked up the site at 24 Artarmon Road in a $249 million deal earlier this year and has been working closely with architecture firm Chrofi to remix an existing approved scheme signed off on in early 2019.
Plans outline 460 apartments across 10 mid-rise buildings with 6,000sq m of the 3.2-hectare site dedicated to public spaces and landscaped design.
Mirvac will now be hoping to capitalise on the site's location in one of Sydney's affluent lower north shore suburbs.
Mirvac head of residential Stuart Penklis said the site, closed off to the public for more than 60 years, would now be unlocked with an enduring development not only for those who will live there but the wider community.
“This is the type of redevelopment opportunity that plays to Mirvac strengths, with our expertise across a range of disciplines, from architecture and urban design, to development and construction, marketing and sales,” Penklis said.
“The focus is upon creating welcoming outdoor spaces set the foundations for an activated and sustainable new community precinct.”
The development will mirror previous developments undertaken in Walsh Bay and Harold Park aligning with Mirvac’s sustainability targets and initiatives.
The site, once dubbed the “home of television”, was first occupied by the Nine Network in the 1950s and has played a significant role in shaping Australian culture for more than 60 years.
Network Nine still occupies the historic site and will begin its move in August to its new premises at developer Winten's 1 Denison Street in North Sydney.
Subject to approvals, demolition work is expected to begin on site in late 2020 with a sales launch planned for mid-2021.
Mirvac's construction arm has remained busy over recent months.
Last month the developer topped out its largest single-stage residential project in its 50-year history—the $460 million Pavilions in Sydney's Olympic Park last month.
Mirvac is also forging ahead with plans for further residential buildings at a 5.1 hectares of land in Sydney’s Green Square, a $13 billion urban renewal project between Landcom and the City of Sydney.
