Lend Lease to acquire Ch 9 Melbourne site for planned residential development

LEND Lease today has entered into a conditional agreement to purchase a three hectare parcel of land in Melbourne with plans for a $400 million residential development.

The site, currently occupied by GTV Channel 9 and located in Richmond, approximately three kilometres east of Melbourne's CBD, was purchased from General Television Corporation Pty Ltd. Channel 9 is scheduled to vacate the site within the next 12 months.

Lend Lease's apartment business, Vivas Lend Lease, is planning a masterplanned residential development on the site with an end value of approximately $400 million.

Lend Lease Chief Executive Officer and Managing Director, Mr Steve McCann, said the acquisition is in line with Lend Lease’s strategy of securing prime inner urban sites in the key growth markets of Sydney, Brisbane and Melbourne.

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