ASX MARKET & MEDIA ANNOUNCEMENT – 13 JANUARY 2011
Perth, 24 AUGUST 2011: A company joint venture has received development approval to develop 90 apartments plus 8 commercial lots on a 4,682 sqm property located on the corner of Lord Street, Summers Street, and Coolgardie Terrace in Perth.
The approved development will consist 1, 2, & 3 bedroom apartments in two separate six and seven storey apartment structures which are spaciously separated by communal lifestyle facilities including a pool deck, spa, gym, and resident’s lounge.
Contemporaneous in design, the street presence is enhanced by the inclusion of 8 commercial lots which will provide a mixed use of office, retail, and cafés, all encouraging maximum street level interaction.
The new project located opposite NIB Stadium is in an area that is primed for residential regeneration being walking distance to train stations and providing convenient bus and vehicle access to the Perth CBD and the freeway systems.
First announced in January, the project is a joint venture between Finbar Group Limited and Swanline Group, with Finbar developing the land owned by Swanline, and each group sharing equally in development profit.
Finbar Managing Director – Darren Pateman said today “this new project will have significant offerings that are all in keeping with our core apartment philosophies of providing a product that offers convenience, lifestyle, and value for money, and we are confident this will continue to reflect in results generated for our shareholders and joint venture partners”
Preparation for marketing will commence with a spring launch and the view to commence construction in 2012.