This article is from the Australian Property Journal archive
A JOINT venture company controlled by Finbar has entered into a contract to buy a residential development site in East Perth for $2 million.
Located at 22 Plain Street, Finbar has proposed the 651 sqm site will be developed into a nine level mixed use development to comprise approximately 2,600 sqm of one and two bedroom apartments, with 110 sqm of office/retail.
Finbar’s chief executive Darren Patement said the company will receive a fee for managing the project and receive one half of the development profit.
“We believe the Plain Street project proposal will be supported by buyers seeking an economical entry into the East Perth property market, and in turn augment company earnings for FY2011,” he added.
Meanwhile the company has achieved practical completion on its Horizon on Central project located at 54 Central Avenue in Maylands.
The local council has also classified Horizon on Central as fit for occupation. Horizon on Central is a wholly owned and sold out 50 apartment project with $27.6 million in gross sales.
Australian Property Journal
