AFTER a year and a half of negotiations, Finbar International and Wembley Lakes Estates’ $110 million Hill 60 joint venture, located on Great Eastern Highway in Rivervale, has received development approval.
The 29,368 square metre riverside residential development including the Hill 60 property that was originally a private homestead and later became the home of the former St John of God Hospital, will consist of 282 apartments and four shops.
The first two stages of the development will be low rise to be followed by two high rise towers, consisting of 76 and 113 apartments, in the third and fourth stage.
Finbar director Rick Rimmington said the company had been involved with more than 18 months of extensive consultation with the City of Belmont, the Swan River Trust and the Heritage Council.
“It will be a five-stage development, including restoration of heritage-listed Hill 60 Homestead, with stage one scheduled to commence in November,” he said.
Mr Rimmington said a heritage architect had been commissioned to restore the homestead building which could be used for a cafe or restaurant.
The Hill 60 project will also include river foreshore redevelopment.
Finbar also recently secured another residential development site at 188 Adelaide Terrace and plans to proceed with a joint venture residential development with the original owner, City Regency Pty Ltd and Hay Street Development Pty Ltd, which retains a 60 per cent interest in the 3,673sqm site.
© Business News 2017. You may share content using the tools provided but do not copy and redistribute.