09/12/2014 - 14:41

Finbar approved for $120m South Perth apartments

09/12/2014 - 14:41

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Apartment developer Finbar Group has won approval to build a $120 million, 118-apartment complex across the road from another of its development sites in South Perth.

The Metropolitan Central joint development assessment panel gave Finbar the tick of approval today for its Aurelia project, set to be located at 96 Mill Point Road.

The project will also include 2,292 square metres of commercial space at the podium level.

Marketing for Aurelia apartments will begin in February, while Finbar hopes to begin construction before the end of next year.

“We are delighted to have received the support of the approval body for what we regard as a milestone project,” Finbar managing director Darren Pateman said.

“We are very happy to be back in South Perth developing a landmark building with such an idyllic aspect and in a location that will see a real focus of development activity and revitalisation over the next three to four years.”

An artist's impression of the Aurelia project.

Finbar is also advancing plans for the development of the Civic Triangle site in South Perth, located directly across the road from Aurelia.

The plan at the Civic Triangle site is to build a 295-apartment, 30-level tower with an end value of around $300 million.

Finbar will develop the site in a consortium with its landowner partners.

The developer purchased the site from the City of South Perth for $27.3 million, in a deal brokered by JLL.

One of the conditions of the sale was that the building would be developed within four years.

Finbar said both projects were located in the City of South Perth special design area, where residential and commercial developments are expected to become a catalyst for the construction of a train station at South Perth.

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