Lend Lease plans to buy Channel 9 site

AAP

Lend Lease has conditionally agreed to buy a parcel of land in Melbourne currently occupied by GTV Channel 9.

Lend Lease said it planned to buy the three hectares in Richmond from General Television Corporation Pty Ltd.

Channel 9 is scheduled to vacate the site within the next 12 months, Lend Lease said in a statement, which did not disclose the price.

Lend Lease's apartment business, Vivas Lend Lease, will look to create a masterplanned residential development on the site with an end value of about $400 million, it said.