This article is from the Australian Property Journal archive
WESTERN Australian developer Finbar has purchased the former Port Hedland Hospital site from Landcorp and plans to build a $390 million mixed-use development.
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Finbar had sought to acquire the site since July 2012 when it selected as the preferred developer following a public tender process. The 3.15ha site was sold by the WA government land agency for $5.95 million.
The proposed development will feature 681 apartments, comprising 518 permanents and 163 short-stay apartments and 2,300 sqm of commercial space within eight to 10-level buildings.
Finbar will undertake the project over four stages and begin marketing for the first stage in the second half of the year. The initial stage proposal comprises 109 apartments, with five commercial tenancies and a café.
Managing director Darren Pateman said the current economic landscape in Port Hedland presents an opportunity for the company to participate in a market absent of competition.
“Undoubtedly, we are operating in a different economic and market environment to when we first looked at the project. However, with the benefit of a market acceptance clause and an attractive purchase price, we will be able to offer an affordable one- and two- bedroom product to a local community that has been supportive of the project concept and still has a core need for convenient, well located, low maintenance accommodation for the local residents and service providers’ operational workforce,” Pateman said.
Finbar closed unchanged on Friday at $1.30.
Australian Property Journal
