Finbar Group's Rivervale project has cleared a planning hurdle after the state's planning commission approved the $39 million proposal.
Finbar Group's Rivervale project has cleared a planning hurdle after the state's planning commission approved the $39 million proposal.
The Western Australian Planning Commission has approved East Perth-based developer’s proposal for a 19-storey apartment building in the Springs precinct on Riversdale Road, at its meeting this afternoon.
The proposed development comprises 143 dwellings, a dining and lounge on the ground floor, a swimming pool, a rooftop ‘cabana’, and a three-level basement carpark catering 170 bays.
A nature playground covering 170 square metres of land, water fountain and an art sculpture representing the Noongar culture will be open to the wider community.
The development application, prepared by Rowe Group on behalf of Finbar, was lodged with the state government’s State Development Assessment Unit pathway in 2021.
The estimated cost of the project has been listed as $39 million but Finbar expects an end sales value of about $96 million.
The project is a joint venture with Wembley Lakes Estates, Finbar says via an announcement.
“An area of land adjoining the north of the site will be remediated and revegetated,” the announcement said.
“Kayak storage areas, a 12-seat private dining room, steam room, gym, and 20-meter lap pool will form part of the high level of amenities on offer, in addition to the ability for EV charging within the development.”
Finbar's proposed development in Rivervale. Image: SS Chang Architects via SDAU document
According to the application, the building would be presented as 19 storeys to Riversdale Road but would be seen as 20 storeys from Swan River Foreshore.
Finbar has also requested an additional year to the 24-month deadline for substantial commencement of the project.
The group's project coordination general manager Scott Cameron said the additional 12 months would give Finbar some flexibility to work with builders and subcontractors, in addition to a potential stabilisation from inflationary price impacts.
“We’re hoping the project will be able to align with what we want it to be which is affordable product within Springs Rivervale precinct,” he said at the meeting.
“What we are seeing when we submitted this project at the end of 2021, there were expectations we would see normalisation of the construction industry - Those expectations have yet to come to pass.
“We still see high construction costs and disruptions to the supply chain… We are also in a recognised inflationary environment.”
After the meeting, Finbar managing director Darren Pateman said he continued to see slower but reasonably steady sales across off-the-plan, under construction and completed stock.
Mr Pateman said Finbar was cautiously optimistic sales would improve as the interest rate environment stabilises.
“Constraints around access to skilled labour, ongoing supply chain impacts and inflationary effects are limiting competition in the built form sector while Finbar is again well-placed to feed demand for newly completed stock from ongoing demographic shift and Perth’s rising population,” he said.
The SDAU received 83 submissions during the public consultation period, with 50 objecting to the proposed development.
The City of Belmont did not support the development, raising concerns about the project’s proposed height and architectural design.
Despite objections, the WAPC approved the application with commission chairman David Caddy saying the concerns had been appropriately addressed.
The subject site on 32 Riversdale Road is in the Springs precinct in Rivervale, which comprises 12 lots of land.
Landcorp, superseded by DevelopmentWA, planned to redevelop the precinct and put the 12 lots of land for sale in 2015.
Finbar Group’s Spring View Towers was the first project to be completed in the precinct in 2014.
The group is behind other projects in the Springs Rivervale including The Point Spring Residences, to be completed early 2024, and the Arbor North apartments which launched in 2015.
“Finbar has played a significant role in this urban renewal precinct being first to market with the Company’s Spring View Towers project developed in 2013, and the completion of two subsequent developments at Arbor North and Riverena,” Mr Pateman said.
