Apartment developer Finbar Group is sharpening its focus on South Perth, buying another development site on which it plans to construct a $60 million, 56-apartment complex.
Finbar today announced it had acquired a 1,782 square metre property at 5-7 Harper Terrace, which is currently 14 individual strata titled apartments.
The developer plans to demolish the existing buildings to allow for the construction of a new luxury eight-storey building.
The deal, worth around $7.2 million, is expected to settle in April, while Finbar hopes to begin construction next year.
The site is adjacent to Finbar’s $133 million, 21-storey Aurelia project, at which 73 apartments were sold in the first weekend of marketing last week.
Finbar is also progressing plans through the approvals process for a $300 million, 295-apartment complex 100 metres away, at the Civic Triangle site it purchased last year from the City of South Perth.
“We have secured another very exciting development opportunity in South Perth, an area and marketplace which we are very familiar with,” managing director Darren Pateman said.
“We enjoy and benefit from our involvement in the revitalisation of a precinct by having a long-term strategic vision to enhance the lifestyle, amenity and vitality of the local community while creating more work and accommodation options.”
Mr Pateman said he expected the project enable the developer to improve a precinct which is emerging as one of Perth’s most exciting.
Other developers pursuing significant projects in close proximity include Westbridge Property Group, which had a 39-storey tower approved last week, Edge Visionary Living, which is planning a 29-storey apartment building, and Chinese developer Zone Q Investments, which started work on a 20-storey luxury project last month.