Finbar has received a development approval for its $95 million Royale Apartments project at 369 Hay Street, East Perth.
The project is located next door to the company’s Domus project and forming part of the original home of the Royal Automobile Club.
Royale Apartments will comprise 193 apartments and four commercial lots, located within a nine storey structure including two separate 18 metre swimming pools will supplement residents’ facilities which will include games room, fitness centre, sauna, and two residents’ lounges.
Four commercial properties ranging in size from 113 sqm to 159 sqm are to be included on the street frontage, which will bring small businesses such as food and retail to the streetscape.
The public marketing launch will commence on August 26, 2006. The company is confident that the $95 million dollar project will be a sales success with almost 1,000 registrations of interest received through the company website and 165 prospective purchasers paying deposits to secure their rights to apartments prior to the public marketing launch.
Construction works will commence in January 2007 with completion expected in the quarter ending March 2009.
Profit for the project is projected to reach $20 million of which Finbar has a 50% interest. These profits are expected to impact on earnings in the 2009 financial year.
By Kathryn O’Meara
