12/04/2012 - 09:10

Finbar finishes Fairlanes

12/04/2012 - 09:10


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Finbar finishes Fairlanes

Apartment developer Finbar Group has announced its 27-storey Fairlanes office and residential project on Adelaide Terrace has achieved practical completion.

Approximately 50 per cent of the building's 7,155 square metres of office space is already pre-committed, while Finbar said the balance of space had received high levels of leasing enquiries.

Finbar managing director Darren Pateman said settlements and revenue from Fairlanes was anticipated to occur in May.

The 128-apartment project will be officially opened on April 27 by Premier Colin Barnett.

“The completion of the Fairlanes project is very well timed to benefit from the squeeze in Perth City vacancy rates and unrelenting demand from companies associated with the resources sector,” Mr Pateman said in a statement.

“Revenue from successful settlements at Fairlanes coupled with recent revenue received from settlements of 18 on Plain will support an anticipated moderate increase in forecast profit from last year’s record profit of $24.03 million.”

At 9:15AM WST Finbar stocks had nudged up 1 per cent, trading at 96 cents.


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