FINBAR : RECEIVES DEVELOPMENT APPROVAL FOR $77 MILLION BELMONT PROJECT

Following the acquisition of a 5,692 square metre site on the Great Eastern Highway in Belmont for $6.4 million in May 2014, Finbar received unanimous approval from the Metro Central Joint Development Assessment Panel (JDAP) on 20 January 2016 for the development of a $77 million mixed use project.

To be named Chase Apartments, the development will consist of 10 storeys housing 194 one and two bedroom luxury apartments with amenities including an 18 metre swimming pool, gymnasium, residents' lounge, games room and sauna.There will also be two commercial outlets situated on the ground floor of the building.

This wholly owned Finbar project will offer a new entry level price point product for a high-rise structure with prices starting at $325,000 for a one bedroom apartment rising to $399,000 for a two bedroom apartment.

While these prices tend to reflect the price of an apartment in a low rise walk-up product, Finbar is attempting to gain exposure to a new set of buyers by offering a more affordable product within a high-rise structure.

Finbar Managing Director Darren Pateman welcomed the development approval by saying, 'We thank the City of Belmont and the Metro Central JDAP for their unanimous support in the development of this luxury 10 level apartment building which is located in a very accessible suburb and currently undergoing significant transformation.'

Mr Pateman believes that the new entry level price point for the one and two bedroom apartments within this project will stimulate demand for apartment style living in a more subdued Perth property market.

The project is located on prime development land in an area undergoing significant transformation close to the Swan River, Centenary Park and Belmont Forum while only three and five kilometres from the airport and Central Business District, respectively.

With a high level of amenities, greater affordability and excellent public transport connections, a marketing launch for Chase Apartments is forecast to take place during the first half of 2016 with construction expected to commence in 2017.