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Partnership makes $8 million purchase

FINBAR International Ltd will continue its ongoing partnership with Wembley Lakes Estates with the $8 million purchase of the Freemasons Grand Lodge site at 78 Terrace Road.

The parties each hold a 50 per cent stake in a joint venture company that has entered into a contract to buy the site and develop it into a high rise apartment tower with 106 accommodation units. Finbar project director Rick Rimington said the plan was to demolish the Grand Lodge and develop affordable luxury accommodation on the site.

The tower would be the latest in a string of similar developments on Terrace Road, which is fast becoming a prestigious residential address. Other Terrace Road projects include the $140 million Mirvac Fini Panorama apartment complex and the proposed $35 million development opposite Langley Park. The purchase of this 6683sqm parcel of land follows Finbar’s and Wembley Lakes Estates’ $4.55 million auction purchase of the 1.4ha Brightwater site on Thomas and Townshend Roads, Subiaco. The site is expected to be developed into a combination of group housing and small lot subdivisions. Fresh blood for city’s heart

WITH up to 1250 new residents expected to move into the rejuvenated Northbridge area within the next five years, the East Perth Redevelopment Authority is working hard to ensure Perth’s cultural hub remains accessible to all people.

Along with creating the Lake Street Plateia, a major community space, EPRA also is in negotiations to build a multi-storey affordable housing complex on Newcastle Street.

After a successful partnership on the Haig Park units in East Perth, EPRA and City Housing plan to build a $1.5 million apartment and boarding house complex as part of The Village Northbridge project.

While final details are still being negotiated, City Housing president John Gherardi said the low-cost accommodation units would provide an affordable inner city housing option for people on low wages who were unable to enter the private rental market but did not qualify for public housing.

Mr Gherardi said inner city homelessness had become a big issue in recent months and this project would go part of the way to addressing it.

“Accommodation such as this is part of a continuum of measures that are part of the solution to homelessness,” he said.

“These low-cost housing units and boarding house facilities can provide an escape from homelessness and will also take the pressure off crisis accommodation providers.”

Early in the new year, EPRA will begin work on the Lake Street Plateia, a community space that has been lauded as the “crown jewel” of The Village Northbridge.

The $2.1 million Plateia will be built directly over the Graham Farmer Freeway

tunnel and is envisaged as a public space for the growing Northbridge community.

The Plateia project will involve the narrowing of Lake Street to allow for grassed areas and a bustling cafe strip.

“This area is to be developed into a cafe strip with public art, water features and large grassed areas. We hope to have tables and chairs extend right out to the street,” EPRA chief executive officer Tony Morgan said.

“At night the area will be able to be bollarded off on special occasions so it becomes an exclusive public space.

“We would like to think this space will be used by the church and community groups in the Northbridge area.”

Other works due to start next year include the construction of a multi-level car park with up to 650 bays and the streetscaping of Newcastle Street.

In the past year, EPRA has rejuvenated Aberdeen and Parry Streets, refurbished and sold four heritage cottages and commenced the $450,000 restoration of the historical property, Wallpaper World.

EPRA expects to spend up to $35 million on The Village Northbridge project and through this encourage private investment in the area in the order of $300 million.

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