07/03/2014 - 13:25

Finbar plans $100m South Perth apartment tower

07/03/2014 - 13:25

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Finbar plans $100m South Perth apartment tower
Finbar managing director Darren Pateman (L) and the rest of the company's board at last year's AGM.

Finbar Group has unveiled plans to build an apartment tower in South Perth with an expected final value of more than $100 million.

Finbar said it had signed an agreement with the owner of the land, located on the corner of Mill Point Road and Harper Terrace west of Mends Street, to develop the 2,266 square metre site.

Under the agreement the owner will provide the land to the joint venture and, in return, Finbar will contribute $5.75 million for working capital, obtain project finance and complete the development.

Finbar and the land owner will share equally in the development profit with Finbar also earning a management fee.

If approved, construction on the mixed use high-rise building, which could include office, retail and residential space, as well as serviced apartments, is expected to start early next year.

Finbar managing director Darren Pateman said he believed the land was in the middle of an area that would experience considerable levels of revitalisation and investment in the near future, providing the joint venture with an opportunity to develop the building.

Finbar recently secured approval to build Perth’s tallest apartment tower, the 38-storey Concerto project on Adelaide Terrace in East Perth, which has an estimated price tag of $220 million.

Design works for the South Perth apartment tower are being finalised and the company expects to be granted construction approval by the end of November.

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