Finbar to build in East Perth

DEVELOPER Finbar Group has reached a joint venture agreement with Heyspring International to build 190 new residential apartments in East Perth.

In a statement to the Australian Securities Exchange, Finbar said the two 10-storey apartment buildings would be built on land at 208 Adelaide Terrace and 311 Hay Street.

The site is opposite the Sheraton Hotel on Adelaide Terrace and the Perth Mint on Hay Street.

A separate company, 60 per cent owned by Finbar and 40 per cent owned by joint venture partner Wembley Lakes Estates Two, will buy half the land from Heyspring.

The joint venture company, known as 208 Adelaide Terrace, will receive 75 per cent of the total development profit.

Finbar managing director Darren Pateman said securing the JV was an important strategic opportunity for the company.