UPDATE 2.20pm: Finbar says a consortium it is leading has been named by the City of South Perth as the preferred tenderer for the redevelopment of the so-called Civic Triangle at the corner of Mends Street, Labouchere and Mill Point Roads.
The consortium has offered $27.3 million to acquire and develop the 7206sqm site, which comprises eight lots, excluding the lot on which the old South Perth post office stands.
Finbar said the City had been acquiring the eight lots since 1986 with the vision of consolidating the site to create a vibrant mixed-use 'civic heart' for South Perth that would incorporate retail, residential, commercial and local public amenities.
Earlier this year, South Perth mayor Sue Doherty said the council was seeking a developer with the credentials to design, fund and deliver a landmark development that would enhance the popular Mends Street precinct.
Finbar managing director Darren Pateman said the proposed acquisition presented Finbar with a rare and exciting opportunity to create South Perth's new civic heart.
The company said it would provide full details of its development proposal and the proposed transaction when the final contract was signed.
Finbar shares closed steady at $1.665.