This article is from the Australian Property Journal archive
APARTMENT developer Finbar has received approval for the development of a $92 million, 32-storey tower at 240 Adelaide Terrace, just two blocks from the Perth CBD.
Set on a on the 1679 sqm site, it will consist 119 apartments, resort style facilities including a lap pool, gym, sauna, steam room and multimedia cinematic hub as well as a private dining room and residents’ lounge.
This is Finbar’s 23rd project in the Perth city block over the past 15 years. Finbar managing director Darren Pateman said that the development was timely given the recent completion of nearby Vue Tower placing the company in an enviable position of being low on new inner city stock.
“The announcement follows the recent extension of the state government’s 75% stamp duty rebate for off the plan apartments, which has now extended to stock under construction, providing the industry with much needed impetus to move from marketing to construction at a time when market stimulus was sorely needed.
“The last few months have obviously been a very challenging time for many industries, including the property industry, on the back of sustained softer conditions, however we are confident after some heightened uncertainty that we are moving past the worst of it with June proving to be our busiest sales month in almost two years.
“We remain cautiously optimistic about a gradual recovery to the confidence levels we were seeing pre-Covid-19 and that the recent government stimulus measures will lift buyer confidence and drive WA out of an unremarkable five years for the property sector,” he said.
The project is a 50/50 joint venture with Ventrade Australia. Construction is expected to begin in January 2021.
