REAL ESTATE INVESTMENT TRUSTS & FUNDSRESIDENTIAL PROPERTY

Patient Finbar nabs East Perth site after eight-year wait

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THE Western Australian government agency DevelopmentWA has sold an East Perth site to Finbar, which has finally snared the property after multiple unsuccessful attempts over the past eight years.

A Finbar and Ventrade joint venture won a competitive tender to acquire Lot 101 Hay St East Perthfor $16 million. The site is 100 metres from the company’s Vue Tower project, which is almost sold out.

The JV partners are planning to develop two towers over two stages project with an end value of $200 million. Tower one will include 130 apartments and 820 sqm of commercial space, while tower two will comprise 210 apartments and 535 sqm of commercial space.

Finbar managing director Darren Pateman said the company has had its eye on the site for almost a decade.

“We have attempted to purchase this site many times over the past eight years,” Pateman said.

“This is an important acquisition that reflects Finbar’s historic and significant presence in the East Perth inner city precinct and its timing aligns well with the recent government announcements regarding amenity upgrades to the surrounding area which includes $60 million towards funding a new public pool and other improvements to the nearby WACA ground and $50 million for the new Heirisson Island cycling and pedestrian bridge improving local connections around the Swan River.

“The City of Perth precinct has been Finbar’s most important activity zone over the past 25 years with 3,516 apartments developed in the precinct to date, largely due to its plot ratio and generous height limits which allows us to exercise our competitive advantages,” he added.

“We are also currently experiencing an improving sales environment as a result of Western Australians returning to the state from interstate and overseas, and the increased economic activity taking place within the state.

“We believe the timing is right to extend our current pipeline of inner-city projects to give us continuity and a natural successor to our 238 Adelaide Terrace project which will be launched to the market later this year,” he continued.

Pateman said the site is ideally positioned to benefit from a revitalised gateway to Perth with state government ambitions to attract 7,000 new residents and 6,000 new workers into a growing, cosmopolitan waterfront community.

“The recently announced Perth City Deal, with its new $695 million city university campus will be located within two kilometres of the site and is also expected to bring an additional 9,000 students to the City on its anticipated completion in 2025, further increasing the demand and attractiveness of living in what is the city’s pre-eminent residential quarter.” Pateman concluded

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