Finbar Group has signed a conditional contract to sell a key Rivervale site for $13.68 million, paving the way for a large-scale build-to-rent development backed by community housing initiatives.
- Conditional sale of 3,809sqm land at 6 Homelea Court, Rivervale for $13.68 million plus GST
- Development approval secured for 171 apartments under a build-to-rent model
- Buyer is Together Housing (WA) 2 Ltd, a registered charity and community housing provider
- Sale expected to boost Finbar’s H1 FY2026 earnings and strengthen capital for future projects
- Finbar retains two other prime development sites in The Springs precinct with approved plans
Finbar’s Strategic Land Sale
Western Australia’s Finbar Group Limited has taken a significant step in reshaping its development portfolio with the conditional sale of a 3,809 square metre parcel at 6 Homelea Court, Rivervale. The $13.68 million plus GST deal, announced on 3 July 2025, is subject to conditions precedent including feasibility benchmarks, underscoring a cautious but optimistic approach to the transaction.
The buyer, Together Housing (WA) 2 Ltd, is a registered charity and community housing provider, signalling a strong alignment with social housing objectives. This sale is more than a simple land transaction; it represents a strategic pivot towards build-to-rent developments supported by government-backed initiatives such as the Housing Australia Future Fund.
Development Approval and Build-to-Rent Focus
The site already holds development approval for 171 apartments, granted in January 2025 by the Metro Inner Development Assessment Panel. The design brief targets a build-to-rent model, a growing trend in residential property that offers long-term rental options rather than traditional ownership. This approach aligns with Together Housing’s mission and the broader push for affordable, community-focused housing solutions.
Finbar’s CEO Ronald Chan highlighted the company’s successful track record in The Springs precinct, where over 630 apartments have been developed across four large-scale projects. The decision to divest this particular site to a community housing entity reflects a strategic choice to redeploy capital towards accelerating existing approved projects and expanding the company’s development pipeline.
Capital Position and Future Prospects
Beyond the immediate financial boost expected in Finbar’s first half of FY2026 earnings, the sale strengthens the company’s capital position. This financial flexibility is critical as Finbar retains two other prime sites within The Springs precinct, Lot 1000 at 30 Riversdale Road, with approval for a 19-storey residential tower of 143 apartments overlooking the Swan River, and Lot 888 at 2 Hawksburn Road.
These holdings position Finbar well to continue its development momentum in a competitive Western Australian market. The company’s ability to balance divestments with strategic acquisitions and project acceleration will be closely watched by investors seeking exposure to residential property development trends.
Looking Ahead
While the contract remains conditional, Finbar has committed to updating the market on any material changes or when the sale becomes unconditional. This transparency will be crucial for stakeholders monitoring the transaction’s progress and its implications for the company’s growth trajectory.
Bottom Line?
Finbar’s Rivervale land sale signals a strategic shift towards community-aligned build-to-rent projects, setting the stage for its next growth phase.
Questions in the middle?
- Will the contract for sale become unconditional, and on what timeline?
- How will Finbar redeploy capital from this sale to accelerate its remaining projects?
- What impact will the build-to-rent model have on Finbar’s long-term earnings and market positioning?