Finbar gets green light for Perth project

Finbar gets green light for Perth projectDeveloper Finbar Group Limited has gained approval for the development of a 38-storey mixed-use project in South Perth.The $380 million project, named Civic Heart, will feature 294 residential apartments within an elliptical high-rise building, as well as 11,900sqm of commercial office and retail space. The 8,25sqm site, comprising eight lots purchased from the City of South Perth and one lot purchased from the Australian Postal Corporation, is bordered by Mends Street, Labouchere Road and Mill Point Road.The development will have an estimated end value of approximately $380 million. Construction is planned to commence by early 2016, with completion estimated by mid-2018.The commercial space will include a national chain supermarket, speciality stores, child care centre, commercial gym and medical centre, as well as the transformation of the heritage-listed former police station into a café. The heritage-listed Post Office building will continue to operate.Finbar’s managing director Darren Pateman says that Civic Heart is the company’s “highest value single stage project to date”.Finbar has developed much of the South Perth Peninsula, including Bluewater & Blue2 located directly opposite the Civic Heart project. Finbar will shortly commence construction of the $130 million Aurelia project, located directly opposite the Civic Heart project, with 75 per cent of its apartments sold within the first six weeks of marketing.”The higher sqm rates that can be achieved in this suburb provide developers with the capability to create interesting design outcomes such as Civic Heart,” Pateman adds.