Apartments developer Finbar is preparing expanded plans for the Springs Rivervale redevelopment area, after acquiring three vacant sites for $9.35 million.
The apartments developer said it planned to construct approximately 270 residences across two stages on lots 1001, 1002 and 1003 of the Springs project, which cover 9,212 square metres of land.
The project will have an end value of around $120 million, Finbar said.
The newly-acquired sites are located just 200 metres from another Finbar development, a 188-unit apartment project known as Springs 1.
Development approval for Springs 1 has been received and marketing will commence in February, Finbar said.
The total Springs redevelopment area comprises 14 hectares located five kilometres east of the CBD near Graham Farmer Freeway and Great Eastern Highway.
“Finbar has now secured the remaining available high density sites in the exciting Springs project which supplements our future project pipeline and helps ensure we receive further benefit from the extensive marketing campaign we will soon be undertaking in promoting our Springs 1 project and lifting the profile of the Springs development area as a whole,” managing director Darren Pateman said.
Today’s announcement follows Finbar’s $17 million acquisition of an apartments development site in Subiaco yesterday. (Details here.)
At 9:50AM, WST, Finbar’s stock was down 0.8 per cent, trading at $1.13.
