UPDATED: ASX-listed apartments developer Finbar Group expects to start building its $300 million, 39-storey Civic Heart project in South Perth later this year, after Planning Minister Rita Saffioti superseded local planning authorities and approved the development.
UPDATED: ASX-listed apartments developer Finbar Group expects to start building its $300 million, 39-storey Civic Heart project in South Perth later this year, after Planning Minister Rita Saffioti superseded local planning authorities and approved the development.
In a statement released yesterday, Ms Saffioti said the approval of the Civic Heart proposal would end years of uncertainty surrounding what the City of South Perth had planned to be its flagship development site, a prominent plot located on the corner of Labouchere and Mill Point roads known as the Civic Triangle.
Finbar’s approved plan, its second iteration of Civic Heart, comprises two towers, of 39 and 32-storeys, containing 309 apartments.
The developer will also redevelop South Perth’s historic police station and post office buildings, while 25 commercial tenancies will provide the opportunity to create a fresh food and hospitality precinct.
Finbar managing director Darren Pateman said the decision reinforced the findings of the City of South Perth's independent design review panel, which described the project as having exemplary design.
"This decision is a win for the community and marks a significant step forward as we will now move to embrace the minister's conditions and recommendations, and move promptly to the marketing stage of project where we already have a register of 4,700 enquiries," Mr Pateman said in an ASX statement.
An architect's rendering of Finbar's Civic Heart proposal. Image: Finbar Group
Mr Pateman said Finbar had worked closely with the City of South Perth, the state government and the Heritage Council of Western Australia to develop its design for the site, to ensure it delivered the best outcome for all stakeholders involved.
"The news has come at a good time for our business and for the WA economy," Mr Pateman said.
"We have recently sold out of South Perth stock and are very keen to bring this flagship project to a market which is showing very positive signs of both sales rate and price recovery.
"Our team will now begin marketing launch preparations with the view to commence construction in October this year."
Finbar' original plan - to build a single 38-storey tower containing 294 apartments, with a two-level shopping centre, including a full-range supermarket - was shelved in early 2017, with Finbar pinning the project’s slow sales on continuing planning uncertainty in South Perth.
An improvement in market conditions prompted Finbar to lodge new plans for approval in early 2019, however, the proposal was rejected by the Metropolitan Central Development Assessment Panel despite being recommended for approval by the local council after substantive collaboration with the developer on the project’s design.
That rejection prompted Ms Saffioti to intervene on usual local planning processes.
“I have considered this application on its merits, taking into account the strategic significance of this site, relevant planning frameworks, the submissions put forward to me and the broad range of views,” Ms Saffioti said,
“I considered the overall scale of this proposal to be appropriate given the prominence of the location, the clear distinction between the two towers, incorporation of heritage elements and climate responsive design.”
City of South Perth acting chief executive Colin Cameron welcomed to the approval, saying the Civic Triangle site was the suburb's most significant and iconic development plot.
"The city has been working with the applicant for many years and we remain committed to the creation of an iconic development," Mr Cameron said.
