Finbar swoops on Adelaide Terrace site

Apartment developer Finbar International Ltd has secured another prime east-end development site in Perth through a joint venture with Malaysian investor Aun Heng Ng, owner of 122 Adelaide Terrace.

Plans for the 1,826 square metre site comprise a 10-storey building of 83 apartments and one commercial lot that are expected to generate combined sales revenue of $40 million.

Located opposite the Hyatt Hotel, the new apartment complex will sit adjacent to one of Finbar's latest residential projects, the 10-storey One28 development.

Finbar project executive director Richard Rimington said in a statement he was excited to secure another project in the east end of the city which was undergoing major renewal as a result of increasing residential development.

The joint venture deal will allow project manager Finbar to contribute half of the value of the land in working capital in exchange for receiving one-half of the development profit.

122 Adelaide Terrace is currently home to the two-storey Bible House, and was acquired by Mr Ng last year for $2.25 million.

Construction is expected to commence in July 2007 with forecast completion in 2009.

The full text of the Finbar announcement is pasted below

Perth's leading apartment developer, Finbar International Ltd, is pleased to announce details of a joint venture which will result in the development of a residential apartment building on 122 Adelaide Terrace in East Perth.

The 1,826 square meter site will be developed into a 10 storey building comprising 83 one, two, and three bedroom apartments plus one commercial lot.

The joint venture has been entered into with the beneficial land owners of the property who will contribute the land to the venture, with Finbar contributing one half of the value of the land in working capital. Finbar will also manage the development process.

Finbar will receive a fee for managing the project and receive one half of the development profit.

Project Executive Director Richard Rimington was excited to secure another project in the east end of the city which is seeing an exciting renewal as a result of the increasing levels of residential accommodation in the area.

Company Chief Executive Darren Pateman said "the structure of this JV allows Finbar to gain maximum benefit from our inner city development experience with a high return on the capital that we have committed to invest in this project."

Work on the JV project is expected to commence in July 2007 for completion in 2009.

End sales revenue is projected to reach $40 million dollars.