Finbar Advances Apartment Plans as Perth Precinct Surges
Two projects by one of WA’s biggest apartment developers are moving ahead in Perth’s inner-east as demand and delivery of mid-range and affordable housing booms.
The projects by Finbar have been bolstered by sales records at the developer’s Riverbank Residences, which was the main contributor to the company’s $125 million in sales during August.
The ASX-listed developer won approval for its next Riverdale apartment project—Lot 888 within the Springs precinct, a 12.5ha redevelopment precinct in the City of Belmont between Graham Farmer Freeway, Great Eastern Highway, Brighton Road and the Swan River.
The Chang Architects-designed scheme comprises a 16-level tower with 108 one and two-bedroom apartments on a 2370sq m site at 2 Hawksburn Road, 5kms from the Perth CBD.
A gym, pickleball court, residents lounge, gaming room, outdoor barbecues and co-working spaces are also in the plans approved in early November by the City of Belmont.
Nearby, Finbar sold its 6 Homelea Court development site for nearly $14 million to community housing provider Together Housing last month.
Tetris Capital will lead the project that won support through the Housing Australia Future Fund Facility.
A 12-storey building of one and two-bedroom apartments is planned for the 3809sq m site. It is expected tenants will move in in early 2028.
The projects follow Finbar’s Spring View Towers that completed in 2014, Arbor North in 2015, Riverena in 2020, The Point that completed last year and its under-way Riverbank Residences.
Finbar chief executive Ronald Chan said it had already built 630 apartments in the Springs precinct.
“When the opportunity emerged to potentially divest the site to an entity delivering housing aligned with the Housing Australia Future Fund it presented a highly attractive option,” Chan said.
“This approach enables us to redeploy company capital to accelerate delivery of our existing approved projects and pursue the acquisition of new sites.
“This DA approval demonstrates Finbar’s ability to progress and add value to its five-year development pipeline.”
Finbar is poised to start construction of its Riverbank Residences as well as Stage 2 of its Palmyra project near Fremantle.
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