Lend Lease hoping government deadline spurs first-home buyers to lights, camera, action at Studio 9

Victorian first-home buyers who want to own a piece of Richmond history have until June 30 to buy in the Studio Square Heritage Apartments of Lend Lease’s Studio 9 development to secure the government’s $13,000 first-home bonus.

Thus far 23 of the 34 apartments in the 1908-built building have been sold, and selling agency CBRE has ramped up its advertising, hoping to secure more first-home buyer interest before the deadline.

From July 1 this year, first-home buyers will be entitled to a 20% reduction in stamp duty on homes under $600,000. For a home costing $600,000, this equates to a stamp duty savings of $6,214, less than half what a first-home buyer would secure from the first-home bonus.

The heritage building within the three-hectare Studio 9 development was built in 1908 as the Wertheim Piano factory.  It was later converted into a baked beans factory for Heinz before its most recent incarnation as Channel 9’s television studios.

Each of the 34 apartments has its own floorplan due to different window heights and configurations within the building. Kerstin Thompson Architecture has designed the building renovation to respect its heritage but provide modern-day living.

Subtle features, such as ebony- and ivory-coloured finishes and TV studio-style lighting, pay homage to the building’s past lives.

One-bedroom apartments start at $495,000 and start at 51 square metres. At the other end of the spectrum, three-bedroom apartments range up to 205 square metres and $1.9 million.

The building is part of stage one of a four-part release. Also included in stage one are 142 modern apartments, called Wertheim Square apartments, and 27 townhouses, of which about 15 have sold.

The development will include multiple garden spaces for community use and bike parking throughout.