Finbar to launch $188m Maylands project

Finbar Group has obtained planning approval for a 347-apartment project in Maylands and intends to launch the first stage next month, adding to the substantial growth in apartment supply in the local market.

The company said the Metro Central Joint Development Assessment Panel had approved the 10-storey Unison development, located on the former Ross’s Auction site near Maylands train station.

The project will be developed in two parts, comprising 167 apartments plus two commercial lots on Tenth Avenue and 180 residential apartment plus two commercial lots on Kennedy Street.

Compared to Finbar’s initial proposal, the final plan involves more apartments (from 336 to 347) and fewer commercial lots (from 21 to four).

The starting price for the one-bedroom apartments will be $375,000.

The Unison project will be developed as a joint venture with Ventrade Australia, which bought the site for $16.7 million in 2013.

Finbar is preparing for a marketing launch in June 2014 with the view to seek sufficient sales to commence construction early in the 2015 calendar year.

It anticipates that completion of this two-stage, $188 million project will occur in FY16 & FY17, respectively.

The Maylands approval comes one week after the company announced practical completion of its Au project in East Perth.

Au has 192 apartments and two commercial lots, with total sales of $108 million.

The company has four projects under construction – Spring View Towers in Rivervale, 52 Mill Point in South Perth, Toccata in East Perth, and Subi Strand in Subiaco – which together will add about 500 apartments to the Perth market.

It is also marketing the Norwood project (59 apartments in Perth) and Arbor North (154 apartments in Rivervale).

Adding to the supply this year will be Finbar’s largest project - the Concerto apartments in East Perth, due for sales launch in July.

Concerto will have 226 apartments in a 38-storey tower, with an estimated sales value of $220 million.