Lend Lease's Studio Nine split evenly between investors and owner-occupiers as construction continues

Lend Lease has sold 75% of the first stage of its redevelopment of the former channel nine studios in Richmond Victoria.

Construction is underway at the site, which is the former home of the Heinz factory and a piano factory.

Lend Lease says the 27 freehold townhouse properties have sold well and are now under construction and due to be completed in September 2013.

Lend Lease’s Ben Coughlan says there has been a strong uptake from the local owner occupier market since the development launched.

“While the project overall has appealed to a broad demographic, we have seen a number of young families purchase the larger townhouse product as a unique inner city family home,” Coughlan says.

Lend Lease say that there is approximately a 50-50 split between investors and owner occupiers in the development.

Construction has also started on the first release of the apartments in the development.

On completion, Studio Nine will also comprise new public open space, a small retail offering, on-site community facilities and extensive landscaped gardens.