Finbar Group Limited
(ASX:FRI) says it has received development approval to turn the former Port Hedland Hospital site into an apartment project.
Finbar paid $5.95 million for the 3.15 hectare site which it plans to develop in four stages.
Stage One comprises of 109 apartment and 6 commercial lots on the site.
A further 600 apartments and commercial space with an end value of $390 million are slated for the other three stages subject to market conditions.
Finbar will now commence pre-sales in an effort to gauge the financial viability of the project.
Finbar Group reported net profit of $11.35 million for the first half of the 2015 financial year.
