$100 million premium paid by Mirvac to buy Nine's Willoughby site for $249 million

Mirvac Group has paid $249 million in a deal that will see it take over the redevelopment of the Nine Entertainment's headquarters in Willoughby, Sydney.

Mirvac has entered into an agreement to acquire the site from LEPC9 Pty Ltd, a joint venture between Lotus Property Fund and Hong Kong-based fund manager Euro Properties.

It intends to proceed with the approval for the construction of 460 new dwellings (pictured: CHROFI ARCHITECTS supplied concept image).

An agreement has also been reached to acquire the adjacent TX Australia property, with plans to demolish the TX transmission tower and repurpose the site. 

The site was first occupied by the Nine Network in the 1950s.

The selling syndicate headed by Lotus Property managing director Michael Jiang paid $147 million in 2015.

Last June the prime Willoughby property attracted about 12 bidders, including Harry Triguboff’s Meriton, Iwan Sunito’s Crown, Singapore’s Frasers Property Group, China’s Country Garden and the locally listed Mirvac.

The vendor owns the Lotus Chinese restaurant chain, which has outlets at The Galeries at 500 George Street, Walsh Bay, College Street and Barangaroo in the Sydney CBD.