Finbar unveils $47m Rivervale apartment project

ASX-listed property developer Finbar Group plans to proceed with its third apartment development at The Springs Rivervale, which will be brought to market in early 2018.  

The 10-storey, $47 million project, named Circa, will offer 132 one- and two-bedroom apartments and is the third development undertaken by Finbar at The Springs, following its Arbor North and Spring View Towers projects.

Finbar has delivered more than 340 apartments at The Springs to date, and has a further four sites in the precinct yet to be developed.

Included among these is The Point, which has already received development approval for 183 one-, two- and three-bedroom apartments at The Springs’ main entrance.

One-bedroom apartments at Circa will start from $265,000 and two-bedroom apartments from $345,000, offered through real estate firm Burgess Rawson.

In comparison, Dragon Century’s Affinity apartments at The Springs has prices starting from $298,000 for its one-, two- and three-bedroom apartments.

Finbar chief operating officer Ronald Chan cited efficient design and a close relationship with the project’s builder, Hanssen, as factors that had allowed the group to deliver competitive pricing.

“The pricing offered at Circa means we are bringing product to market to tackle the housing affordability issue for first home buyers,” Mr Chan told Business News.

“People currently renting can also see the opportunity to secure an apartment at these prices, and start paying off their mortgage rather than someone else’s.

“Our product and our pricing are informed by the type of buyer we see as being active or interested in each location, and we look to deliver the design, the facilities and the pricing to meet the market in the area we’ve selected.”

Mr Chan suggested the market in general was picking up, with Finbar representatives observing parents taking advantage of current market conditions to assist children with their first property.

“We are seeing a sharp increase in overall activity, with 43 sales achieved across the board in Finbar developments last month; that’s 10 higher than the previous month and 23 more than at the same time last year, which clearly shows the market is moving,” Mr Chan said.

“We deliberately take a long view on our apartment developments; identifying areas we believe hold the most potential and the greatest benefit in terms of both existing amenity and long-term capital growth.

“That’s something we did on Terrace Road in the city, it’s something we did in East Perth and now with The Springs. It’s an approach that also ties in with the state government’s commitment to delivering quality urban infill development, as Western Australians increasingly embrace apartment living.”

Burgess Rawson director Chris Tonich said Circa’s pricing would shake up the market and the project would hold broad buyer appeal, offering keenly priced product together with resort-styled facilities including a heated pool, gym, lounge and games room.

“At this price point, Circa addresses affordability for first home buyers and provides a very attractive option for the investors that we are now seeing begin to come back into the off-the-plan market,” he said.

“The full value proposition of what’s available in that Burswood Peninsula precinct, and just how big it’s going to be, is only now becoming clear to most people – but there’s no doubt they will see the growth opportunities offered by buying off the plan now and capitalising on that value over the coming years.”

Finbar plans to launch Circa to market in February, close to the official opening date of the new Optus Stadium, which is within walking distance of The Springs.

“We saw the potential in The Springs very early; in fact we were the first developer to secure and build on a site there, with Spring View Towers, which was a very successful project for us,” Mr Chan said.

“We could clearly see the benefits in the positioning of The Springs with a riverside location, and the amenity provided by the proximity to the CBD, Crown entertainment complex and Belmont Park.

“That has now been further magnified with the addition of the new stadium, cementing the Burswood Peninsula as Perth’s premier sporting and entertainment precinct – and as a result the surrounding areas, including The Springs, are very much being seen as primed for growth.”