This article is from the Australian Property Journal archive
ASX-listed Finbar Group has received development approval for its $207 million Garden Towers joint venture apartment project on the Chemistry Centre site on Perth CBD’s eastern edge.
Located at the corner of Plain and Hay Streets in East Perth, opposite Queens Gardens and 200 metres from the proposed WACA ground sporting and aquatic centre, the single-stage project will comprise 331 apartments across two towers, plus 1,283 sqm of ground floor commercial tenancies that would include the repurposing of the former heritage listed Materials Science Building.
It will be built on a 5,355 sqm site that was released to the market in November 2019 through DevelopmentWA and bought by Finbar together with Singaporean developer Ventrade a year ago for $16 million.
Garden Towers will comprise a mix of one, two, and three-bedroom apartments with an array of common facilities, including a level 36 skydeck with a residents’ bar and private dining room.
Level six amenities include a heated pool, residential lounge, games and active games rooms, virtual golf driving range, 12 study and Zoom rooms, board room, gymnasium, cinema and media hub, and indoor and outdoor children’s play areas.
Finbar managing director Darren Pateman said the continued improvement in demand for off-the-plan sales had given the group confidence in launching and constructing the project in one stage.
Garden Towers could be launched to the market as early as April, and commencement towards the end of next year assuming sales progress as well as anticipated.
Pateman said Finbar has developed 33 projects comprising more than 3,504 apartments with an end value of over $2 billion in the City strip alone over the past 17 years.
Finbar posted a healthy increase in annual profit after reaching $296 million in sales for the year, representing the sale of 486 completed and off-the-plan apartments.
