UPDATE 2.25pm: Apartment developer Finbar has bought a site in Belmont for $6.4 million to build a $60 million apartment complex.
The transaction on the 5692sqm site at 239 Great Eastern Highway is expected to settle in August.
Finbar said the proposed 10-storey development would comprise 150 residential apartments and two commercial ground level lots.
Managing director Darren Pateman said the project would bolster the company's medium cost development pipeline that is affordable to the wider market.
Marketing of the units is expected to begin late next year with sales contributing to full-year 2017 earnings.
Finbar shares closed steady at $1.685.