FINBAR International Limited has entered into a joint venture with Wembley Lakes Estate to develop a lot located at 135 Adelaide Terrace, East Perth, into a 10-storey residential building valued at $37.5 million.
A planning application for the lot, located directly west of the Hyatt Hotel, proposes 109 residential apartments, two commercial and two commercial lots on the 2,990 square metre site.
Wembley Lakes will provide the land and a 100 per cent owned subsidiary of Finbar will provide working capital of equal value, with the two partners equally sharing the estimated $7 million profit.
Finbar managing director John Chan said the project was well located in an areas of strong demand, as experienced at Finbar’s 175 Hay, One28, Cosmopolitan, and Soho apartment projects nearby.
“With restaurant and cafe facilities located in the Hyatt building next door, along with the view corridors available from some apartments in the complex, we are confident this will be another successful JV project,” Mr Chan told WA Business News.
Work is scheduled to start in December 2005 with profits expected to show in the 2007 financial year.
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