Channel Nine has finally confirmed it has bought St Kilda's notorious Gatwick Hotel for an upcoming season of The Block after several months of rumours and intense speculation.

Speaking exclusively with Fairfax Media, The Block's executive producer Julian Cress promised the hit television show would not start production until every single one of the Gatwick's residents had found new accommodation.

He also said The Block would assist homelessness charities in the wake of the sale, either through cash donations or renovations. Around 30 people living at the Gatwick still need to find alternative accommodation, with owners Yvette Kelly and Rose Banks planning to rehouse a handful of long term residents themselves.

Fairfax Media has been told the purchase was made official on Monday, with the final price in the vicinity of $15 million.