Finbar Group has announced it will manage the development of an $18.5 million luxury apartment building on Mill Point Road in South Perth.
The developer announced today that its project management subsidiary would manage the construction and delivery of eight luxury apartments in an eight-storey building at 52 Mill Point Road.
Finbar said it would not be required to contribute capital to participate in the development, and will earn a project management fee equivalent to half of the project’s overall profit.
Managing director Darren Pateman said Finbar was delighted to return to familiar territory in South Perth with the company-first agreement.
“The arrangement allows Finbar to leverage entirely off our intellectual property and provides a benefit similar to that of a project where we would normally be committing capital,” he said in a statement to the ASX.
At 9:50AM, WST, Finbar shares were up 2.4 per cent, trading at $1.24.