$50m apartment JV for Finbar

Apartment specialist Finbar Group has launched a joint venture with investment and development firm Swanline Group to build a $50 million, 90-apartment mixed used project in East Perth.

Subject to approval from the Town of Vincent, the joint venture will see a Finbar subsidiary develop the 4,682 square metre Swanline-owned site located on Lord Street, Summers Street and Coolgardie Terrace.

Finbar says it will contribute $2.53 million working capital, Swanline will contribute the land, and the two firms will share development profit equally.

Swanline Managing Director, Paul Trettel said Swanline was "delighted" to have entered into a business relationship with Finbar.

"We believe the timing is perfect to commence this exciting apartment development and have no doubt that Finbar will deliver an attractive project that is competitively priced, and in a desirable location to a market in demand," Mr Trettel said in a statement released to the ASX.

The announcement is the second joint venture in a week for Finbar, which announced on Wednesday that it would develop a 60 to 70 apartment project in Dianella with LHK Holdings Australia.

Finbar also announced plans in November for a joint venture with land owners Heyspring International to build 190 new apartments in East Perth, with a $105 million end value.

And in October, Finbar announced another joint venture with LHK Holdings, in which the firms would develop a 4,905sqm site in Currambine into 43 one- and two-bedroom apartments.

Finbar is currently redeveloping the old Fairlanes Bowling site on Adelaide Terrace, and is also advancing plans to redevelop the former ABC studios site in two stages.

Finbar was also the first developer to announce mid-rise apartment plans for the Pilbara, with the $225 million 10-storey Pelago Apartments in Karratha.