This article is from the Australian Property Journal archive
Finbar International has entered into a joint venture to develop a residential apartment building in East Perth.
Located at 122 Adelaide Terrace, the 1,826 sqm site will be developed into a 10 level building comprising 83 one, two, and three bedroom apartments plus one commercial lot.
The joint venture has been entered into with the beneficial land owners of the property, who will contribute the land to the venture, with Finbar contributing one half of the value of the land in working capital.
Finbar will also manage the development process.
Finbar will receive a fee for managing the project and receive one half of the development profit.
Finbar’s project executive director Richard Rimington the east end of the city is seeing an exciting renewal as a result of the increasing levels of residential accommodation in the area.
Finbar’s company chief executive Darren Pateman said the structure of this JV allows Finbar to gain maximum benefit from its inner city development experience with a high return on the capital that we have committed to invest in this project.
Work on the JV project is expected to commence in July 2007 for completion in 2009. End sales revenue is projected to reach $40 million dollars.
By Kathryn O’Meara
