Finbar unveils $86m Leederville plan

An artist's impression of Finbar's latest development - Motive. 

Finbar Group is set to start marketing its latest apartment project next month – an $86 million, 143-dwelling development in West Leederville – after it received the tick of approval from the Metro Central Development Assessment Panel.

The project, known as Motive, is located at the 4,000 square metre former Hisco warehouse site at 172 Railway Parade, and will comprise 143 apartments across two towers, at eight and nine storeys.

Finbar announced in February this year it had negotiated the purchase of the land for its undisclosed joint venture partner, under a development agreement where Finbar will fund the project and share equally in its profit as well as earn a management fee.

Profits from the project are expected to boost Finbar’s earnings in the 2016-17 financial year.

“We have had a very successful campaign with our Subiaco project nearby where construction is now moving along at a rapid pace,” Finbar managing director Darren Pateman said.

“We are confident that Motive will have a similar market appeal when launched within a few weeks due to its very convenient location in a desirable precinct and great access to public transport.”

The fresh project follows on from Finbar posting its eighth consecutive year of profit growth late last week.

The company’s net profit for FY2014 was $36.4 million, a 17 per cent gain on the previous year.

At 10:30AM, WST, Finbar’s stock was up 0.33 per cent, at 153.5 cents.