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Finbar Group (ASX:FIN) purchases East Perth development site
Source: Finbar
  • Western Australia's leading apartment developer, Finbar Group (FIN), and joint venture partner, Ventrade Australia, is set to purchase a development site in East Perth
  • The sale comes following a competitive tender process and is being purchased from the State Government of Western Australia for $16 million
  • The development site is located at Lot 101 Hay Street in East Perth and covers an area of 5335 square metres
  • Ventrade and Finbar are planning to turn the development site to 340 apartments and a 1400 square meters commercial building
  • The estimated end value is around $200 million
  • On market close, Finbar remains unchanged and trading for 62.5 cents per share

Western Australia's leading apartment developer, Finbar Group (FIN), and joint venture partner, Ventrade Australia, is set to purchase a development site in East Perth

The sale comes following a competitive tender process and is being purchased from the State Government of Western Australia for $16 million.

The development site is located at Lot 101 Hay Street in East Perth and covers 5335 square metres. The site is also 100 metres from Finbar's Vue Tower project, which is almost sold out.

Ventrade Australia is the company's long-term successful inner-city development partner. Projects with the business include Reflections, Adagio, Toccata, and
Concerto.

Ventrade and Finbar are planning to turn the development site into 340 apartments and a 1400-square-metre commercial building. The estimated end value is around $200 million.

Finbar Managing Director, Darren Pateman, said the company had attempted to purchase the site many times over the past eight years.

"This is an important acquisition that reflects Finbar’s historic and significant presence in the East Perth inner-city precinct," he said.

This acquistion runs in-line with the Government's recent announcing $60 million upgrades in East Perth. The upgrades includes funding to a new public pool and other improvements to the nearby WACA ground.

Additionally, there will be a new cycling and pedestrian bridge at Herisson Island. The Government has put aside $50 million to help build the new piece of infrastructure.

The City of Perth has been Finbar's most important activity zone over the past 25 years, with 3516 apartments developed.

Darren said there has been a lot of sales recently, mainly due to the current pandemic.

"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," he said.

"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 9000 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," he added.

On market close, Finbar remains unchanged and trading for 62.5 cents per share.


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