Perth joint venture secured
Western Australia’s leading apartment development company, Finbar Group Ltd has announced details of a joint venture for the development of a 4000m² site in West Leederville.
The site, known locally as the former Hisco Site, is prime development land located 1.5 kilometres from the Perth CBD and is situated in a very accessible suburb with established urban amenities and a vibrant and transforming precinct. The site is well serviced by public transport including both the Leederville and West Leederville train stations being located just 300 metres away.
Finbar has entered into a development agreement with the land owner whereby the land owner will contribute the land and Finbar, through a wholly owned subsidiary, will contribute $4,750,000 in working capital, obtain development finance and carry out the redevelopment of the property. Finbar and the land owner will share equally in the development profit with Finbar also earning a management fee.
It is proposed the West Leederville property will be developed into approximately 142 residential apartments plus three commercial strata lots in an eight and nine level structure which will be developed in a single stage. This will result in a development with an estimated end value of approximately $90 million.
Design works start immediately with the view to seek development approval and commence marketing within six months. Finbar managing director Darren Pateman said, “We are just a few weeks away from reaching practical completion for our Ecco project and anticipate that our Au project will also be completed within months. It is therefore timely that Finbar looks to resupply our pipeline to help reinforce our growth trajectory.
“We believe this West Leederville precinct is primed for renewed redevelopment activity which will make it an even more desirable address to live in. Our Subiaco project located 3 kilometres to the west has now achieved 132 sales in 10 weeks of marketing and we are confident this West Leederville project will have similar market appeal,” he added.
Image: Darren Pateman
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