Finbar gets green light for $108m residential development in WA

Finbar – a Perth-based property development company – has secured development approval from the Metro Central Joint Development Assessment Panel (JDAP) to transform the former Golden Egg Farms warehouse in Palmyra into a $108 million residential space.

Finbar will be constructing about 258 apartments in two stages on the 26,642-square metre site that’s located between McGregor Road and Leach Highway. The development will comprise of nine three-storey apartment buildings which will consist of one, two and three-bedroom units.

The development will also feature various facilities such as two gyms, residents’ lounge, swimming pools as well as saunas, BBQ cabana areas and landscaped gardens.

As part of this project, Finbar will also be contributing to the redevelopment of the adjoining Woolshed Park which will become an outdoor space that can be enjoyed by both future residents and the surrounding community.

With this transformation of the former Golden Egg Farms warehouse site, Finbar will be testing the strength of demand in Perth’s apartment market.

According to Finbar Managing Director Darren Pateman, this project will be a transformative development for Palmyra in terms of residential diversity and scale.

“We are pleased to be able to bring such diversity of living options to this well-established metropolitan suburb at a competitive price point that we expect will appeal to a broad market of both owner occupiers and investors,” Mr Pateman said.

Finbar will be developing this project as part of a joint venture arrangement with the site landowner, Golden Egg Farms.

Construction is expected to commence once sufficient pre-sales of the first stage has been achieved some time in 2017. Completion of stage one is expected by the 2019 financial year.

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Source: The West Australian and Finbar