This article is from the Australian Property Journal archive
THE Metro Central Joint Development Assessment Panel (JDAP) has approved Finbar’s $108 million Palmyra residential project, in Fremantle’s east.
Located at 43 McGregor Rd Palmyra, the property will deliver 258 apartments over two stages, to be constructed on the 26,642 sqm former Golden Eggs site.
“This project is a transformative development for Palmyra in terms of scale and the residential diversity it will provide,” Finbar managing director Darren Pateman said.
Marketing of the first stage is planned to commence in 2017 with construction to commence once sufficient pre-sales have been achieved to underpin project viability.
Finbar has a development agreement with the landowner, Golden Egg Farms, whereby Finbar, through a wholly owned subsidiary, will contribute 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 with the company also earning a management fee.
Australian Property Journal
