Finbar Group Limited (ASX:FRI)
says it has received development approval for an apartment project in West Perth.
The deal is a 50/50 joint venture with Finbar Group to earn a management fee.
The site is not far from the Perth CBD and will comprise of 242 apartments and 2 commercial lots with an end value estimated at around $125 million.
Marketing for the project is expected to begin come springtime.
Finbar Group reported a net profit of $11.35 million for the six months to the end of December 2014.