Finbar puts Fairlanes plans on the map

SPECULATION over the status of Finbar's mixed-use development on the former Fairlanes Bowling site has been put to rest after the developer this week launched an off-the-plan sales campaign for the residential component.

The 27-storey mixed residential and commercial development at 181 Adelaide Terrace, known as Fairlanes Perth, will comprise 128 two- and three-bedroom apartments ranging in price from $550,000 to $1.17 million.

The tower will also feature three penthouse apartments of up to 180 square metres, expected to fetch between $1.89 million and $2.65 million.

The development will also include a street-level public plaza and terraced amphitheatre, which will be surrounded by restaurants and al fresco dining.

The apartments are being offered sale by Colliers in conjunction with McGees Property.

The 7,000sqm office component of the tower, expected to be up to five storeys, will be sold off as strata title.

The development joins a growing number of new office towers offering strata office investment, which is being seen as a more attractive and affordable option in the current economic climate.

Construction is scheduled to commence in December 2010 with completion due in early 2012.

The project is one of the few major proposed residential projects to have not fallen over due to the global economic crisis.

Saville's Altus and Luxxo apartment towers, Capital Square, and Saracen Property's 18 The Esplanade, which was converted from a luxury apartment to office tower proposal, have been shelved or abandoned.

Finbar is also part of the joint venture that will develop the former ABC studios site at 187 Adelaide Terrace in East Perth.