This article is from the Australian Property Journal archive
FINBAR has entered into a joint venture to develop a $109 million apartment at Palmyra in Perth’s leafy suburbs.
Located 14km from the CBD, the 43-53 McGregor Rd Palmyra property is owned by Golden Egg Farms, which have occupied the site since 1971 and are in the process of relocating to new facilities. It comprises 26,642 sqm of land.
Finbar has negotiated a development agreement with Golden Egg Farms, whereby the land owner will provide the land unencumbered for development, while Finbar, through a wholly owned subsidiary, will contribute the working capital and obtain finance to carry out the redevelopment of the site.
Finbar and Golden Egg Farms will share equally in the development profit.
Finbar’s initial design concept is for 254 apartments over two stages, with an end value of approximately $109 million.
“Palmyra is a very well established suburb that is conveniently located to many amenities south of the river, so we believe that this project will be well received, particularly at the price point we are aiming to achieve,” Finbar managing director Darren Pateman said.
Australian Property Journal
