A FINBAR Group led joint venture has secured a $75 million project at Rivervale, 5km from the Perth CBD.
The JV will develop Lot 1014 Springs, Rivervale, a 4,000 sqm site, into 130 residential apartments with ground floor commercial space. Finbar will receive 50% of project profit plus management fee.
The project is forecast to contribute to the company’s earnings in FY17 / FY18.
Finbar will contribute $2,500,000 as working capital, obtain development finance, and carry out the development of the property. Finbar and the land owner will share equally in the development profit with Finbar also earning a management fee.
“Our company has confidence that the Springs precinct will continue to evolve into an exciting and desirable residential and commercial address and we are delighted to have secured this joint venture so that Finbar can continue to play an important role in developing the key Springs sites,” Finbar managing director Darren Pateman said.
Property Review
