Finbar Group Limited
(ASX:FRI) has inked a deal to buy a mixed use development site in South Perth for $7.25 million it expects to develop into a $60 million project.
The West Australian focussed group says the property includes apartments which it plans to demolish to make way for a new luxury apartment development.
Finbar has flagged its intention to develop about 56 luxury residential apartments along with about 1,800 square metres of ground floor retail and level one office space.
The property is next to Finbar’s Aurelia project which the company says has seen a very positive response from the first two weeks of marketing.
Finbar Group reported a net profit of $11.35 million in the first half of the 2015 financial year.
