Apartment specialist Finbar Group has kicked off 2017 with a fresh development application, lodging plans for its 258-dwelling, low-rise apartments project at the Golden Egg Farms site on Leach Highway in Palmyra.
Apartment specialist Finbar Group has kicked off 2017 with a fresh development application, lodging plans for its 258-dwelling low-rise apartments project at the Golden Egg Farms site on Leach Highway in Palmyra.
Metropolitan central development assessment panel documents indicate the build has a construction value of $40 million, while it has been recommended for approval by the City of Melville.
Finbar has previously estimated the project’s end value to be $109 million.
The DAP will evaluate the proposal, which has been flagged to be built in two stages, later this week.
Finbar liased closely with the City of Melville’s design review panel to ensure the project was compliant with planning guidelines that apply to the site, which has a total area of 26,645 square metres.
Finbar’s proposal comprises 258 multiple dwellings, contained in nine separate buildings of around three storeys in height.
The developer first announced its plans for a significant apartment project at the site in February last year.
At the time, Finbar said it would split the project’s profits with landowner AAA Egg Company, as well as earn a management fee, in return for providing working capital and marketing the development.
Golden Egg Farms has maintained an egg farming operation at the site since 1971.
Finbar expects the first stage of the project to be completed in the 2019 financial year, with the second stage coming in FY2020.