ASX-listed Western Australian developer
Finbar Group, will develop a site its joint venture partners have purchased in Perth's inner-south for about $27.3 million.
The site, bought from City of South Perth, is 7,206 square metres comprising nine separate lots bounded by Mends Street, Labouchere Road, and Mill Point Road, excluding the Post Office land.
Finbar will develop about 295 apartments on the property, called Civic Triangle, as well as commercial space and community facilities.
Finbar’s initial design concept and project vision begins with a substantial retail precinct comprising a national chain supermarket anchoring specialty stores and food tenancies boarded by a high amenity public forecourt plaza fronting Mends Street which will create a new South Perth civic heart.
Contained within the structure will be the opportunity to develop a commercial office as well as a proposed child care centre, commercial gym and fitness facility, assisting in the provision of a much needed South Perth office facility and additional amenities to South Perth residents.
Finbar's joint venture partners, Indonesian group Wembley Lakes Estates and a company associated with Monadelphous chairman John Rubino, will pay a total of $40 million over the course of the project, which will include the purchase price and part of the development costs. Finbar will contribute $20 million.
"Residents will have one of the most attractive apartment locations and spectacular views in WA," said Finbar Managing Director Darren Pateman.
Construction on the $300 million project is expected to be finished by 2018