PROPERTY developer Finbar International is planning to build an 18-storey residential tower and 80 serviced apartments at 132 Terrace Road opposite Langley Park.
In partnership with Wembley Lakes Estate Finbar purchased the prime site, that boasts river views and stretches back to include 257 Adelaide Terrace, back in May for $9.5 million.
The still-to-be-named development is Finbar’s second in the upmarket residential area. Its nearby $80 million Westralian project has sold more than 50 per cent of its apartments.
Finbar managing director John Chan said the $60 million development project would occur in two stages, with the serviced apartment development occurring on the 257 Adelaide Terrace component of the site.
Mr Chan said Finbar was currently negotiating with overseas investors for the sale of the serviced apartment project.
He said an overseas serviced apartments company wanted to purchase a custom-built serviced apartments property in Perth.
“These investors have been looking around but couldn’t find anything in Perth, as it was all too small,” Mr Chan said.
He said the 135 Terrace Road residential tower development would house around 100 residential apartments with purchase prices ranging from $400,000 upwards.
“We will be developing units that are a lot more affordable,” Mr Chan said.
“The units are not cheaper but they will be smaller.”
Mr Chan said the company was currently working on a development scheme to present to the City of Perth for development approval within the month. He said he did not expect to release the project to the market until next year.
The Hawaiian Management, Mirvac Fini and Wyllie Group-owned site at 135 Adelaide Terrace is currently under negotiations for sale to a local property developer.
It is understood a mid-level residential apartment development is being considered on the site.
The 2,990 square metre site, located at the rear of Panorama Apartments, has been on the market for the past six months.
Mirvac Fini development director Brett Draffen said the site originally had an approval to build a second residential tower, however the joint venture group had chosen not to develop the site because Panorama Apartments had compromised potential views from the second tower.
FPD Savills selling agent Marcus Gilmore said the site was under contract subject to conditions that needed to be met.
He said the buyer was ensuring that the necessary approvals could be obtained to develop the site.
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