Finbar gets nod for Belmont apartments

Apartment developer Finbar Group has been given the go-ahead for a $77 million, 194-dwelling project in Belmont, with construction set to begin next year.

Finbar received approval from the Metro Central Joint Development Assessment Panel and the City of Belmont for its 10-storey apartment project at 239 Great Eastern Highway, which was formerly the Comfort Hostel.

The project will comprise 194 one and two-bedroom apartments along with amenities including a pool, gymnasium, residents’ lounge, games room and a sauna.

It will be named Chase Apartments.

The land, located near Hardey Road and the Ascot Racecourse, was purchased by Finbar in 2014 for $6.4 million.

Finbar managing director Darren Pateman said the main driver for the acquisition was to offer a high-rise product that was more affordable to the wider market.

“We believe entry points of $325,000 for a one-bedroom apartment and $399,000 for a two-bedroom apartment will receive strong market acceptance, even in this more subdued Perth market,” he said.

A market launch for the project is expected to take place during the first half of the year, with construction forecast to begin in 2017.

Finbar shares were 1 per cent lower to $1 each at 10:30am.