Finbar buys another South Perth site
UPDATE 2.40pm: Finbar is looking to replicate the success of its Aurelia development by buying another site in South Perth for $7.25 million.
The company plans to demolish the existing 1970s apartment block on the 1782sqm Harper Terrace property and build a new luxury complex comprising 56 apartments along with ground level retails and level one office space.
It expects the development will have an end value of $60 million once completed.
The property adjoins Finbar's Aurelia apartment project and is 100 metres from South Perth's so-called Civic Triangle site, where the company is planning a $300 million, 295-apartment development.
Finbar managing director Darren Pateman said the company was part of a revitalisation of the precinct and had a long-term strategic vision to enhance the lifestyle, amenity and vitality of the local community while creating more work and accommodation options.
"With our Aurelia project successfully launched and scheduled for construction commencement in May and our Civic Triangle site currently being considered for development approval, this additional Harper Terrace property will enable Finbar to improve upon what is already Perth's most exciting and rapidly improving residential precincts," he said.
The Harper Terrace purchase is expected to settle in April with plans to begin building next year.
Finbar pre-sold 73 of its 118 apartment Aurelia development in the first weekend of marketing of the 21-storey complex earlier this month.
The company said at the time the strong sales proved there was no glut in the inner city apartment market in Perth.
Aurelia includes one, two and three-bedroom apartments as well as two top-floor penthouses as well as 2292sqm of commercial tenancies.
The company expects to begin construction of the 21-storey development in early 2017.
Finbar shares closed steady at $1.275.
