Finbar signs JV for former ABC site SOUTH Perth-based property developer Finbar Group Ltd has signed a joint venture agreement with the subsidiary of a Singapore-based company to redevelop the former ABC studios site on Adelaide Terrace. Under the deal, Ventrade Australia Pty Ltd will buy the 1.3-hectare site from the ABC for $37.6 million, while Finbar will act as developer and contribute one half of the land value (about $19 million) as working capital. The companies will receive an equal share of development profit, with the project’s value expected to be more than $450 million at completion. While plans are yet to be finalised, the development is likely to include a mix of luxury apartments on the Terrace Road frontage, and either commercial or residential space on the Adelaide Terrace side. Finbar has also indicated it will consider options for the heritage-listed ABC studios, which the WA Symphony Orchestra had campaigned to use as its headquarters earlier this year. WASO chief executive Keith Venning said he had spoken with Finbar chief executive Darren Pateman and had arranged to meet with him next week to discuss the possibility of relocating the orchestra. Ventrade, which has previously invested in projects associated with Cedar Woods, is also partnering with Finbar on its Reflections apartment complex, currently under construction on Adelaide Terrace. Next door to the ABC site, Finbar plans to redevelop the old Fairlanes bowling site into an office tower. The ABC redevelopment is expected to take five years.
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