$150m TV studio for Redfern

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