The 43,500sqm facility, planned for the CBD-fringe Australian
Technology Park site, will become a state-of-the-art, high-definition
television production centre, while the Seven Network’s magazine
offshoot, Pacific Magazines, will anchor campus-style offices.
Seven will relocate its television production from Epping, in
Sydney’s north, to the new facility, where programs such as Home and
Away and All Saints will be produced.
Pacific Magazines, whose titles include New Idea, marie claire,
Better Homes and Gardens, Men’s Health and Girlfriend, will relocate
its entire McMahon’s Point operation to Redfern.
The project will be the biggest venture undertaken by Sydney
Broadcast Property, which was formed three years ago by Seven and Rebel
Property for the $100 million purchase of the network’s Sydney Epping
production facility, its then new national broadcast centre at
Melbourne’s Docklands, and its Adelaide studios.
The Melbourne national broadcast centre and the Adelaide facility
have since been sold, but Sydney Broadcast Property retains the Epping
facility where a big redevelopment is planned.
Seven and Pacific magazines will lease 18,000sqm of the new Redfern
complex for 15 years, leaving the owners with the problem of having to
fill some 25,500sqm of space.
But according to Sydney Broadcast Property and Rebel Property
director Allen Linz, while there’s some risk associated with that, he’s
confident of finding tenants.
“This has to be one of the largest, if not the largest,
private-sector investments in the area and will cement the Australian
Technology Park as a hub for television production,” Mr Linz said. “We
believe it will also be the catalyst to attract a variety of tenants
looking for campus-style business accommodation a few kilometres from
Sydney’s CBD.”
The project, due to start at the end of this year, will be completed towards the end of 2008.
It will have a development value of $120 million, but when completed should be worth around $150 million.
Rebel Property Group, a Sydney developer and syndicator, commonly enters joint ventures with other developers.
As well as commercial buildings, the group is also active in the
residential market, recently completing an apartment project near
Maroubra in Sydney’s east worth around $100 million. Through its
syndication business, Rebel is a past owner of the Colonial Mutual and
Chalice House buildings in Martin Place. Mr Linz said the planned
Redfern complex would be a long-term hold for Sydney Broadcast
Property, a company that includes private interests.
NSW Premier Morris Iemma said yesterday that the Redfern-Waterloo
Authority had signed a heads of agreement with Sydney Broadcast
Property.
Mr Iemma said the agreement would generate more than 600
construction jobs and potentially bring more than 2000 permanent jobs
to Redfern.
http://www.theaustralian.news.com.au/story/0,20867,19623455-7582,00.html