Finbar Group (ASX:FRI) - Managing Director, Darren Pateman
Managing Director, Darren Pateman
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  • Property developer Finbar Group (FRI) has received approval to develop a 32-level tower, located on Adelaide Terrace in Perth
  • The development will be a 50/50 joint venture with Ventrade Australia, which Finbar has previously collaborated with on various projects
  • The City of Perth recommended the project’s approval, as part of Western Australia’s efforts to recover from COVID-19
  • Construction on the property is expected to start in January of 2021
  • Finbar Group shares are steady today, trading for 70 cents per share

Property developer Finbar Group (FRI) has received approval to develop a 32-level tower, located on Adelaide Terrace in Perth.

The approval came from the Local Development Assessment Panel (LDAP), and was recommended by the City of Perth.

The proposed development at 240 Adelaide Terrace will have 32 levels, consisting of 119 studios and apartments. The 1679 square metre site will allow for a diverse mix of one, two, and three-bedroom apartments. 

The project has an estimated project end value of approximately $92 million.

Finbar Group’s Managing Director, Darren Pateman, called the development “timely”, in light of the recent completion of the nearby Vue Tower. He also thanked the City of Perth for recommending the approval, as part of Western Australia’s COVID-19 recovery efforts.

“The last few months have obviously been a very challenging time for many industries, including the property industry. However, we are confident after some heightened uncertainty that we are moving past the worst of it, with June proving to be our busiest sales month in almost two years,” Darren noted.

“We remain cautiously optimistic about a gradual recovery to the confidence levels we were seeing pre-COVID-19, and that the recent government stimulus measures will lift buyer confidence and drive WA out of an unremarkable five years for the property sector,” he continued.

“The development of 240 Adelaide Terrace, along with our other planned projects, will provide tens of millions of dollars in economic stimulus to the WA economy at a time when it is sorely needed, and provide Western Australians with hundreds of jobs both directly and indirectly during the construction process and beyond,” Darren said.

The tower development project will be a 50/50 joint venture with Ventrade Australia. Finbar Group has previously collaborated with Ventrade on numerous projects, including Concerto, Adagio, and Toccata in East Perth, and Unison and One Kennedy in Maylands.

Construction at 240 Adelaide Terrace should begin in January of 2021.

Finbar Group shares are steady today, trading for 70 cents per share at 10:33 am AEST.

FRI by the numbers
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