14/04/2008 - 14:41

Finbar gets approval for Adelaide Terrace office tower

14/04/2008 - 14:41

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South Perth-based property developer Finbar Group Ltd has received approval for its 15-storey office tower on the former Fairlanes Bowling site at 175 Adelaide Terrace.

Finbar gets approval for Adelaide Terrace office tower

South Perth-based property developer Finbar Group Ltd has received approval for its 15-storey office tower on the former Fairlanes Bowling site at 175 Adelaide Terrace.

The building will contain 16,550 square metres of A-grade office space, as well as a ground floor plaza that is likely to include a wine bar, restaurant and café.

Finbar had previously earmarked the site for an $80 million residential tower, but revised its plans late last year.
Construction is expected to begin early in 2009.

 

The company announcement is pasted below:

 

We are pleased to advise that the company's wholly owned subsidiary has received development approval for the construction of a 16,550 sqm commercial office building on the above mentioned property.

The approval will allow the development of a 15 storey building comprising 1,390 sqm office floor plates and an extensive ground floor plaza incorporating wine bar, restaurant, and café uses.

The company will commence promoting the building immediately in what is currently a strong Perth commercial leasing marketplace in order to secure an acceptable level of pre-lease commitments.

It is anticipated that the company will be in the position to commence construction early in the 2009 calendar year.

It is the company's intention to retain the building once complete to achieve growth in annuity style income to supplement income from our core business of residential development.

By utilising our company's development scale and expertise, we hope to achieve a lower cost base and better-than-market yields for the commercial properties that we develop and retain.

This development approval follows the approval received earlier this month for the development of a 12,150 sqm office building (plus residential) at the company's joint venture project at 59 Albany Highway Victoria Park.

The purchase of the former Fairlanes Bowling Site was contracted in June 2006 by Finbar's wholly owned subsidiary for $8.5 million.

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