Mirvac has confirmed the group is looking at the site.
Nine, the publisher of The Sydney Morning Herald and The Age sold the site in 2015 and will move to new premises in North Sydney next year.
A Mirvac spokesperson confirmed the group is looking at the site, adding “no decision has been made or any terms agreed”.
Industry sources speculated a deal had been concluded and that it also could include one of the television antennas that is currently is independently owned by TX Australia and located on a separate block.
The three transmission dishes on the site will be demolished once the network leaves the site.
The approved plans for the Artarmon Road site comprises the apartments over 10 mid-rise buildings with public spaces. There were a number of revisions made to the original plans due to very vocal objections by local Willoughby residents.
The first development application for Stage 2 comprising about 40 apartment under the LEPC9 name was lodged in July.
One insider close to the deal said it was “perfect Mirvac style development” and fits in with the group’s strategy to increase its land bank supply with mixed use lifestyle communities. Mirvac has developed a similar project at Harold Park in Sydney’s inner city area.
Colliers International national director Guillaume Volz who is conducting the sale recently said demand for the site has intensified and “negotiations are continuing with parties on the site well over $220 million”.
“It is a complex project/site and this has resulted in protracted negotiations as parties continue to develop their understanding of this significant trophy site,” Mr Volz said.
It comes as Mirvac’s chief executive Susan Lloyd-Hurwitz has called the end of the housing slump, saying at the group’s recent annual general meeting, that improvement in prices and rate of growth is in full swing.
“Pleasingly there are now clear signs of improvement in the Sydney and Melbourne residential markets. Recent data shows a lift in loan approvals consistent with the upturn in auction market activity, prices and turnover,”” Ms Lloyd-Hurwitz said.
“We have now passed the bottom of the residential market. Our sales teams are reporting an increase in enquiries across our residential portfolio, which we expect to translate to sales in due course.”
Carolyn Cummins is Commercial Property Editor for The Sydney Morning Herald.