Apartment developer Finbar Group (ASX: FRI) has sealed the deal on a joint venture to acquire a prime site in Perth's CBD.
The significant construction project envisioned for 240 Adelaide Terrace is a 28-level tower, to house 115 apartments, with an estimated end value of around $71 million.
Finbar Group will tackle the project alongside Ventrade Australia, marking the latest in a long line of joint developments between the companies such as Reflections, Adagio and Toccata in East Perth, plus the Unison and One Kennedy developments in Maylands.
Finbar managing director Darren Pateman says the joint venture for 240 Adelaide Terrace marks the end of a rigorous search for the right opportunity.
"We have been actively looking for the right opportunity in the city to continue our successful development of the precinct," says Pateman.
"It is also timely now that Vue Tower is complete and we are in the positive position of funning out of inner-city stock."
Pateman notes that Finbar has had an "uninterrupted redevelopment run" in Perth since it first transformed the Freemasons building into apartments around 15 years ago.
Design works for the site have already commenced and Finbar anticipates an approval will be sought early next year.
Construction is slated to begin in the second half of 2020.
Business News Australia