Developer Finbar and a joint venture partner have paid $6 million for a site on the corner of Milligan and Wellington streets in Perth.
The 2,279 square metre site will be developed into a 10-storey mixed-used building comprising about 110 one- and two-bedroom apartments with commercial office space on the ground floor.
Finbar managing director John Chan said west-end projects were in short supply and high demand, and this latest project would be extremely well positioned.
End sales are expected to reach approximately $50 million before realising a $10 million profit for the joint venture.
Mr Chan said the project was an excellent development opportunity for the company, with other Finbar projects in Perth’s east end having received strong market acceptance.
Finbar’s successful east end projects include an apartment development at 175 Hay Street which sold out in 2004, the Cosmopolitan apartments at 269 Hay Street, Westralian apartments at 78 Terrace Road, Infinity apartments at 135 Adelaide Terrace, and the Soho apartments at 188 Adelaide Terrace.
Terrace Road is also the location for the two multi-storey Reflections apartments, with Finbar selling all 134 apartments off the plan plus one of two $3 million plus penthouses on the corner of Burt Way opposite Langley Park.
Finbar is also planning the launch of its 10-storey Domus apartment complex at 375 Hay Street, with apartments selling off the plan through agent MLG Realty.
