Dianella joint venture for Finbar

Perth's largest apartment developer, Finbar, has announced it will lead a joint venture to build 60 to 70 apartments on a 7,800 square metre parcel of land in Dianella.

Finbar told the ASX today it would establish a joint venture company with LHK Holdings Australia to acquire the land at 36-40 Chester Avenue.

Finbar and LHK have previously entered into joint venture agreements on apartment project The Saint and another project in Currambine, which is currently under construction.

The company expects settlement to occur on the Dianella property in April, and development application works have commenced.

Finbar will manage the redevelopment and share equally in the joint venture's profits.

Finbar managing director Darren Pateman said sales from the development would provide medium priced development stock, which he said would boost earnings.