Charter Hall’s CHOF 5 in Exclusive Position to Purchase Nine Network Headquarters in Sydney and with Joint Venture Partners in Melbourne

14/12/2007 - PDF Version Available

Charter Hall, one of Australia's leading property fund managers and property developers has been awarded the exclusive right to negotiate the purchase of the Nine Network's headquarters in both Sydney and Melbourne following a tender process.

The Sydney property is an iconic landmark located in Willoughby on Sydney's Lower North Shore and will be acquired by Charter Hall's Opportunity Fund No. 5 (CHOF 5). CHOF 5 is the fifth in a series of highly successful and strongly performing opportunistic property funds managed by the Charter Hall Group.

The Sydney property does not include the transmission tower which is owned by TX Australia and is not part of the sale process.

The Melbourne property, located in Richmond, will be purchased by a dynamic consortium comprising 50% Charter Hall's CHOF 5 and 50% R.Corporation and Crane Corp.

David Southon, Charter Hall's Joint Managing Director said: "We are excited to be granted the right to negotiate the acquisition of both properties and proceed with the planning and development, providing each market with highly sought after, quality residential offering in well established suburbs."

Adding further: "We are partnering in Melbourne with R.Corporation and Crane Corp as they have strong local knowledge, a track record of unlocking the potential of complex sites, an appreciation of sensitive heritage issues and a strong reputation for engaging with local communities."

Both properties represent outstanding infill residential development opportunities in two of the most highly sought after suburbs of Sydney and Melbourne.

The Nine Network is to remain in occupation of both properties for a predetermined period to enable it to finalise suitable alternative premises for relocation.


This information has been prepared by Charter Hall Funds Management Limited ABN 31 082 991 786; AFSL 262861 ("CHFML") for information purposes only. This website is not an offer to sell or a solicitation or an offer to subscribe or purchase or a recommendation of any securities referred to herein and the information has not taken into account any potential investors' personal objectives, financial situation or needs. Before investing, you should consider your own objectives, financial situation and needs or you should obtain financial, legal and/or taxation advice.

CHFML does not receive fees in respect of the general financial product advice it may provide, however they will receive fees for operating the schemes of which it is the responsible entity ("Schemes") which, in accordance with the Schemes' Constitutions, are calculated by reference to the value of the assets of the Schemes. Entities within the Charter Hall Group may also receive fees for managing the assets of, and providing resources to the Schemes. For more detail on fees, see our latest annual report. To contact us, call 1300 365 585 (local call cost).