This article is from the Australian Property Journal archive
A joint venture lead by Finbar is set to buy a property in Victoria Park, Western Australia for $12.5 million.
Located at 59 Albany Highway, the property is the whole of the land and improvements bordered by Albany Highway, Armagh Street, Hordern Street and Oswald Street.
Referred to locally as “The Nutrimetics Site”, the site comprises 12,544 sqm of land with warehouse/office improvements which are leased until June 2007.
On expiry of the lease, the existing buildings will be demolished to make way for a mixed use development comprising approximately 66 two and three bedroom apartments, nine townhouses, and 5,000 sqm of commercial lots for office/showroom use.
“We are very pleased to have secured this development opportunity for the company,” Finbar’s managing director Michael Chan said.
“It represents good value and enormous potential with its access to the river, the city and public transport all within a leafy suburban location.
“Many of the apartments will also enjoy views of the Swan River and city skyline,” he added.
Finbar has secured an interest in the company acquiring the land and will also be taking a substantial interest in the company which will be incorporated to carry out the development.
This will result in Finbar receiving 50.25% of the profit from the project.
Overall development profit is projected to reach $16 million dollars of which Finbar will receive approximately $8 million dollars, which is expected to bolster Finbar’s earnings in the 2009/2010 financial year.
By Kathryn O’Meara
