This article is from the Australian Property Journal archive
ASX-listed Western Australian apartment developer, Finbar has reached practical completion for its $100 million Perth CBD residential tower.
Developed on the former Townsend Lodge site, the AT238 tower rises 32 levels and comprises 119 apartments plus two ground-floor commercial lots.
There have been 66 sales to the value of $46.25 million made to date in the $100.6 million project.
Finbar and joint venture partner Ventrade received development approval in the middle of 2020.
“We are pleased to see the final completion of this project which has been developed during a very challenging inflationary construction environment, but despite these conditions the project still remains profitable,” said Finbar managing director Darren Pateman.
The construction industry has been smashed by rising input costs, supply chain delays and labour shortages, which contributed to the shock collapse of home builder Porter Davis in recent weeks.
Pateman said Finbar has seen a “dramatic reduction in completed stock available for sale for immediate occupation, so it is timely to be able to bolster this book with an additional $54.3 million in unsold lots.
“Perth has a shortage of new and available dwellings which will allow us to maximise the sales value potential for this project.”
Individual strata titles have been issued which will result in settlements for the 66 sold lots to commence from the middle of this month.
