Finbar Group Limited (FIR) is pleased to announce that a Finbar lead joint venture has successfully secured the purchase of 6-14 Welshpool Road & 185-189 Swansea Street East Victoria Park for $9.3 million.
The property is a 1.58 hectare site which is located seven kilometres from the Perth CBD in close proximity to two arterial roads that both provide excellent car and public transport access to the City. It is also a short walk to train transport and the East Victoria Park retail and café precinct. The acquisition will see a 50% Finbar owned joint venture acquire and develop the site with long time joint venture partners Wembley Lakes Estates.
Finbar will earn a management fee along with one half of the development profit. It is the Company’s intention to develop the land into approximately 95 residential walk-up apartments. There is also capacity to develop an additional 6,200 sqm of office and showroom space on the property. The purchase is contracted to settle in March. Detailed planning works have already commenced, and subject to timely approvals, it is anticipate that the project could be completed by late 2011.
Tags: Construction, Finbar Group, FIR, New acquisition, Property
