Finbar Group Limited (ASX: FRI) has received development approval for its $380 million Civic Heart mixed-use development in South Perth.
The developer received approval from the Metro Central Joint Development Assessment Panel for the joint-venture development to be constructed on the 8,225sqm Civic Triangle site bordered by Mends Street, Labouchere Road and Mill Point Road in South Perth.
The project will comprise 294 apartments with 11,900sqm of commercial and retail space.
Finbar Managing Director Darren Pateman said: "South Perth is an aspirational and very conveniently located suburb in Perth retaining the best views of the city skyline looking due north. In addition, the higher square metres that can be achieved in this suburb provide developers with the ability to create interesting design outcomes such as Civic Heart."[urbanRelatedPost][/urbanRelatedPost]"We pride ourselves on the fact that we have a 100 per cent success rate in developing all our projects that receive development approval. Even so, Civic Heart is not an approval that will sit away tucked in the top drawer. Instead, we plan to launch the marketing of Civic Heart in spring and aim to start construction early in 2016 with the view to deliver the project no later than mid-2018.
"Even though Civic Heart is our highest value single stage project to date, it's more about the various design elements, the scale and the importance of what we are providing to the South Perth community. These aspects make it the most challenging and exciting project in our company's history and we look forward to creating it.
"Civic Heart will be Western Australia's most exciting accommodation offering in 2015."The first 25 levels of apartments at Civic Heart will feature a mix of one, two and three-bedroom apartments between 53sqm and 111sqm in size. Level 26 through to Level 35 will comprise larger three bedroom sky homes ranging from 181sqm to 197sqm. The top floor will feature two 380sqm penthouses.
The commercial and retail building will be contained within a three-level podium structure positioned below the residential tower. There will be a national chain supermarket and supporting food provision and specialty stores. There will also be a cafe fronting Mends street and the refurbishment of the heritage listed former polices station into a cafe/restaurant.
The Civic Heart project includes a child care centre, commercial gym and medical centre.