Join our daily newsletter At The Bell to receive exclusive market insights
- Property developer Finbar will be turning its latest purchase into a new Perth apartment space
- The property, located just outside of Perth’s CBD, is expected to hold over 115 apartments over 28 levels after its transformation
- The company did not disclose today how much the purchase totalled in cost, but could be worth $71 million by the end of the planned upgrade
- Shares in Finbar are unchanged today, continuing to trade at 88.5 cents each
Property developer Finbar announced today it will be putting a fresh coat of paint to bring 115 new apartment spaces outside of Perth’s CBD.
The company purchased the property at 240 Adelaide Terrace through a joint venture agreement. No total dollar amount was disclosed in today’s media release, but the property developer is expecting it to account for $71 million in value.
“We have been actively looking for the right opportunity in the city to continue our successful development of the precinct,” Finbar Managing Director Darren Pateman said.
“It is also timely now that Vue Tower is complete and we are in the positive position of running out of inner-city stock,” Darren told the market.
Vue tower is located in the heart of Perth’s CBD, across from the lush Elizabeth Quay at 63 Adelaide Terrace.
The property, is expected to hold over 115 apartments, over 28 levels after its transformation.
Darren says this development will result in the company having an “uninterrupted redevelopment run in Perth”, since it redeveloped the former Freemasons building 15 years ago into Westralian Apartments.
Westralian Riverfront Apartments complex is a luxury residential development on Terrace Road overlooking Langley Park.
The site is positioned two blocks from the CBD and looks over the Swan River and city in the upper levels.
Its joint venture partner is Ventrade Australia, who is a long term partner of Finbar. The companies projects include Reflections, Adagio, Toccata, and Concerto in East Perth, and more recently on its Unison and One Kennedy developments in Maylands.
Finbar will receive 50 per cent of project profits and management fees.
The State Government’s announcement this week, announced it would offer a 75 per cent stamp duty rebate for off-the-plan apartment buyers.
Darren believes this would boost apartment sales in the local market and have a positive effect on the economy more broadly.
Shares in Finbar are unchanged today, continuing to trade at 88.5 cents each.
