This article is from the Australian Property Journal archive
THE City of Perth’s Development Assessment Panel (LDAP) has approved Finbar Group's $220 million redevelopment of the former ABC site in East Perth.
Located at 189 Adelaide Terrace in East Perth, the administrative building was formerly home to the ABC.
The new project will be known as ‘Concerto’, which represents the third and final stage of the Symphony City redevelopment. It will comprise 226 apartments and a five and a half storey underground car park and amenities for residents.
Concerto will represent Finbar’s largest project to date with an estimated $220 million project end value and will become Western Australia’s tallest apartment building comprising 38 levels.
Finbar first entered into a joint venture with the land owner of the former ABC site, Singaporean owned company Ventrade Australia, in 2008 when the 1.28ha site was purchased from the ABC for $37.58 million. Since 2008, Finbar has obtained a minor town planning scheme amendment which resulted in the recently completed 23 level Adagio apartment project and the 22 level Toccata apartment project which is now under construction, both fronting Terrace Road.
“It’s been a long process dealing with the sensitive issues of this former ABC site, from obtaining a scheme amendment a few years ago to having a previous plan for redevelopment rejected on predominantly heritage grounds,” Finbar managing director Darren Pateman said.
“Whilst the former studios will be on a separate title to the new development, we will be working very hard to make sure that the ultimate use respects its heritage but also compliments our development plans next door and the East Perth area as a whole. We believe that this outcome is the best result for all involved and one that we will be very proud of in years to come,” he concluded.
Property Review
