The West

Finbar will build Perth’s tallest tower outside of the CBD with the unveiling of plans for a 30-story apartment tower valued at $300m in South Perth’s civic triangle.
Finbar will build Perth’s tallest tower outside of the CBD with the unveiling of plans for a 30-story apartment tower valued at $300m in South Perth’s civic triangle.

Finbar is set to construct Perth's tallest building outside of the city centre, with the unveiling of plans for a $300 million, 30-storey apartment tower in South Perth.

The landmark, oval-shaped tower and its 295 apartments will be built on South Perth's civic triangle, a 7206sqm site near the Windsor Hotel and just one block from the waterfront.

Initial plans below the apartment tower include a national chain supermarket, specialty stores, office space and a plaza opening onto Mends Street.

The development will complete the City of South Perth's long-term vision to create a key civic project on the site.

The council started acquiring the nine lots in 1986.

A Finbar-led consortium was last month announced as the successful bidder and will pay the city $27.3 million for the land.

Finbar said it would enter a landowner development agreement with established joint-venture partners to build the tower.

The landowners would contribute $40 million to fund the land purchase and provide working capital while Finbar would secure development finance, carry out the redevelopment and contribute $20 million towards working capital.

Finbar managing director Darren Pateman said the end value was expected to exceed $300 million, making it the company's biggest individual single-stage project.

The company is aiming for designs to be approved by the end of the year, with construction to finish before mid-2018.

"I attended kindergarten on this land, so I will be very excited to turn the sod once again when we start construction on this iconic development, albeit with a full-scale excavator this time," Mr Pateman said.

Finbar shares were trading at $1.52 ahead of a halt called to announce the project.

Finbar will build Perth’s tallest tower outside of the CBD with the unveiling of plans for a 30-story apartment tower valued at $300 million in South Perth’s civic triangle.
The West Australian

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