Developer 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, and shops.
Nine has been at its Willoughby studios since the 1950s, which have a special place in TV history.
Bruce Gyngell became the first person to appear on the nation’s TV sets in 1956 when he greeted viewers with: “Good evening and welcome to television”.
The Today show and other national programs are produced at the studios.
Mirvac’s purchase includes a neighbouring transmission tower property.
The developer will demolish the tower but has yet to confirm plans for this smaller site.
Nine sold its base to LEPC9 in 2015 and will leave Willoughby this year for North Sydney.
Mirvac chief executive Susan Lloyd-Hurwitz on Thursday said buyer sentiment was improving in residential property in most locations.
She and her colleagues reported first-half net profit slipped 5.0 per cent to $613 million.