Finbar acquires prime East Perth development site
The eastern gateway to the Perth CBD will be home to a twin tower apartment development and new microbrewery under plans from Western Australian company Finbar.
Finbar has been selected as the successful proponent for a prime 5,335sqm corner site in Riverside, East Perth.
Lot 101 Hay Street was released to the market by Expressions of Interest through DevelopmentWA in November 2019.
Finbar’s plans for the site comprise a two-tower residential development, and the adaptation of an existing heritage component as a microbrewery in tower one.
Tower one will include 130 apartments and 820sqm of commercial space, while tower two will include 210 apartments and 535sqm of commercial space.
The company plans a staged development of the site, with the second tower to be constructed once the first is complete.
Construction of the first tower is expected to commence by the end of 2022. An estimated 500 jobs are expected to be created through the construction period.
The mixed-used development site is located within DevelopmentWA’s 40ha Riverside precinct, which encompasses Trinity College, Queens Gardens, the WACA, Gloucester Park and the banks of the Swan River.
As stated by Lands Minister Ben Wyatt:
“The McGowan Government is investing in creating the jobs we need today while revitalising and reshaping our city for the enjoyment of generations to come.
“We are transforming the eastern gateway to our city and East Perth’s Riverside will be a vibrant new destination for locals and tourists alike.
“The project will activate the area between Queens Gardens and the Swan River, and will generate more than 500 direct jobs and thousands of indirect jobs during the construction phase – providing vital support for Western Australia’s economic recovery.”