Developer Finbar Group Limited has acquired a strata titled property at 5-7 Harper Terrace in South Perth for $7.25 million to build a new luxury development.
The 1,782sqm property currently includes 14 individual strata titled apartments that were constructed in the 1970’s, which Finbar plans to demolish.
The new development will comprise 56 luxury residential apartments along with 1,800 square metres of ground floor retail and level one office space.
It has an estimated end value of approximately $60 million.
The property adjoins Finbar’s Aurelia project which has seen a very positive response from the first two weeks of marketing and is 100 metres from the Civic Triangle site where Finbar is currently going through the development approval process.
Finbar Managing Director Darren Pateman said the new site would allow the company to continue its association with the area.
“We have secured another very exciting development opportunity in South Perth, an area and marketplace which we are very familiar with,” Mr Pateman said.
“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.”
The property is located only two minute’s’ walk from South Perth’s food, shopping and public transport links, and apartments within the project would enjoy views looking north to the City Skyline and Swan River.
Finbar’s acquisition is contracted to settle in April 2015 with a view to launch and commence construction in 2016.