Finbar Group Limited (ASX:FRI) has secured a mixed use joint venture development project in East Perth valued at about $150 million.
The West Australian focussed property developer says the JV will result in the acquisition and development of a site at 63 Adelaide Terrace.
The project is expected to comprise of about 200 apartments on 32 levels with city and river views together with ground floor commercial lots.
Managing Director Darren Pateman says the project will supplement Finbar’s overall project pipeline and provide a continuity of business in a sought after inner city apartment location.
Design works are currently underway, a marketing launch is expected late 2015 and the construction phase is slated for 2016.
Finbar Group reported a record net profit of $40.8 million in the 2014 financial year.
