Finbar Group gets go-ahead for $39m ‘Lot 1000’ project in Perth

Property developer Finbar Group (ASX: FRI) has overcome a major planning hurdle after development for its $39 million 19-storey tower in Perth’s Rivervale was approved by the Western Australian Planning Commission.

Situated at 32 Riversdale Road, the ‘Lot 1000’ project comprises 143 dwellings, a rooftop cabana, bar, 20-meter pool, gym, BBQ facilities, dining rooms and a level-three carpark with 170 bats.

The project is one of many in Finbar Group’s construction pipeline in WA, including the imminent completion of 119 apartments at 187 Adelaide Terrace in East Perth and another 167-apartment complex in Rivervale, known as The Point, slated for completion in FY24.

The Lot 1000 project is a 50-50 joint venture with long-time partners Wembley Lakes Estates and has an estimated end sales value of $96 million.

“Finbar has played a significant role in this urban renewal precinct being first to market with the company’s Spring View Towers project developed in 2013, and the completion of two subsequent developments at Arbor North and Riverena,” Finbar managing director Darren Pateman said.

“We also have The Point project currently under construction at the entrance to the Springs precinct”.

The development will also include a public nature playground covering 170sqm, a water fountain, and proposed indigenous artwork sculptures referencing the Noongar people, who have lived in the south-west of Western Australia for more than 45,000 years.

Other Perth projects for Finbar Group include a 118-apartment complex in Applecross called project Aurora and a 309-apartment dwelling in South Perth, both scheduled for completion during the first half of 2024.

“We continue to see slower but reasonably steady sales across off-the-plan, under construction, and completed stock, which we are cautiously optimistic will improve as the interest rate environment stabilises,” Pateman said.

“Constraints around access to skilled labour, ongoing supply chain impacts and inflationary effects are limiting competition in the built form sector while Finbar is again well-placed to feed demand for newly completed stock from ongoing demographic shift and Perth’s rising population.”