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REAL ESTATE INVESTMENT TRUSTS & FUNDS RESIDENTIAL PROPERTY SALES & LEASING

Finbar strikes the right chord

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FINBAR has bought the last stage of the Symphony City development in East Perth for $4.5 million.

Located at 187 Adelaide Terrace, East Perth, the Harmony site consists of 2,984 sqm of land and is mostly comprised of existing heritage listed former ABC Radio building and associated office space.

Finbar reached an agreement with the joint venture land owner, which will close out the 11-year partnership and allow Finbar the freedom to pursue its own plans.

The Harmony site is part of the former ABC Studios, and is primarily comprised of the ABC Radio building, which includes the former Basil Kirke sound studio, which will be retained and incorporated into the new project design.

Finbar has appointed Palassis Architects to design a large-scale, mixed-use development consisting short stay accommodation, office, and other commercial food and beverage outlets with an estimated end value of $80 million.

“We see that having full control of this site will provide us the freedom to further explore the significant development potential as we work to progress our plans for a new structure integrated with the important heritage elements in a sympathetic and activated way.” Managing director Darren Pateman said.

Finbar intends to lodge a development application before the end of the year.

Australian Property Journal