24/01/2012 - 13:55

Finbar JV wins Springs Rivervale project

24/01/2012 - 13:55

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Finbar JV wins Springs Rivervale project

LandCorp has selected a joint venture led by Finbar to develop a 190-apartment residential complex and 6,000 square metre office project in Rivervale.

LandCorp announced today that Finbar would develop two lots in its 14 hectare Springs Rivervale infill development, located approximately five kilometres east of the CBD.

The JV will develop two residential towers of eight and 16 storeys at a 7,500sqm site, with frontages onto Rowe Avenue, Hawksburn Road and Great Eastern Highway.

Also, a 6,000sqm, six storey office building will be built to take advantage of direct exposure to Great Eastern Highway.

Finbar will earn 50 per cent of the project’s profit, plus its management fee.

Managing director Darren Pateman said the project was a great opportunity for the company to work with LandCorp.

“We are very pleased to secure another project to bolster our future project pipeline for medium-cost product,” Mr Pateman said in a statement.

Mr Pateman said Finbar would immediately seek design approval from LandCorp, and pursue development approval later in the year.

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