Construction begins at Studio Nine

Construction has commenced on the Wertheim Square apartments in Lend Lease’s Studio Nine development in Richmond.

Prices in the inner-Melbourne block currently start at $649,000 for a two-bedroom unit measuring between 80 square metres and 96 square metres.

Previously prices for two-bedroom, one-bathroom apartments started at $655,000.

The Richmond apartments will be new buildings on the historical site, given earlier offerings within the project were conversions of an older building.

The master-planned community will pay homage to its iconic industrial and broadcast past. The site is a former piano factory, then the Heinz canning factory, and then a broadcast studio.

Construction of the project is due to finish in late 2013 to early 2014.

Lend Lease was previously offering 10% annual returns on deposits paid for apartments.