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Finbar had sold around $130 million worth of Civic Heart apartments in October last year. Photo: Attila Csaszar

South Perth uncertainty stalls Civic Heart

Buyers at Finbar Group’s $400 million Civic Heart project are being refunded their deposits, after the state’s largest apartment developer announced it would scale back the size of the tower because of uncertainty regarding planning rules in South Perth.

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South Perth
Sanity, and resident rights, are starting to prevail above council and developer greed. Residents are not opposed to progress and development, but are emphatic that this cannot be at the expense of lifestyle, access, traffic congestion and other detrimental aspects. Surely road and infrastructure planning should take precedence .

perth
It was market conditions and technical difficulties that sent them back to the drawing board. A new design will doubtless include less or no underground parking. Edge Visionary would be well advised to go back to the drawing board too, they will have enormous problems going down 4 or 5 levels. They and JDAP were warned about this, but good old JDAP ignores expert advice, as did Edge Visionary. So dont blame the 'planning confusion', an approved DA was in their hands and if the market and technical problems hadnt arisen, they would have continued.

Perth CBD
The City of South Perth had a near perfect, visionary policy in 2013 that attracted a wealth of investment, excitement and promise for the future that would have put the suburb on track to attract a train station, waterfront developments, road upgrades and even more towers. As a result of capitulating to a small band of residents, investment is now retreating and there is chaos in investment circles. The concerns over traffic are ridiculous, how do they think St Georges Terrace copes? Easily.

South Perth
South Perth is no longer a "village" but destined to be very high density, congested clone of Perth CBD. Beware of buying off the plan!

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Finbar Group (FRI)

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/08/18

1 year TSR5 year TSR
247thVeris29%20%
284thValmec22%-2%
293rdFinbar Group21%0%
313thBWP Trust16%13%
737 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

21/05/18
$15k Bought
21/05/18
$15k Bought
21/05/18
$15k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

34th↑BWP Trust$155.9m
35th↑Finbar Group$154.8m
37th↑Veris$106.8m
38th↑Valmec$106.1m
237 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Finbar Group

66thDarren Pateman$876k
88thJohn Chan$751k
266thRonald Chan$416k
Ranked by total remuneration from all listed WA companies

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