Finbar Group has acquired a prime West Leederville site for $15.7 million, aiming to develop 240 apartments valued at $200 million, with earnings expected by FY2030.
- Acquisition of 4,997sqm site at 236 Railway Parade for $15.7 million plus GST
- Proposed development of 240 apartments across two 18-storey towers
- Estimated project end value of approximately $200 million
- Settlement and revenue contribution expected in FY2029/FY2030
- Project subject to Development Approval under West Leederville Precinct Structure Plan
Strategic Land Acquisition in West Leederville
Finbar Group Limited has taken a significant step in expanding its residential development footprint by securing a 4,997 square metre site at 236 Railway Parade, West Leederville, for $15.7 million plus GST. This acquisition positions Finbar to capitalize on one of Perth’s most sought-after inner-city precincts, located just two kilometres from the CBD and adjacent to high-frequency public transport.
Ambitious Development Plans
The company plans to develop approximately 240 apartments spread across two 18-storey towers, complemented by ground-floor commercial spaces facing Railway Parade. This mixed-use approach aligns with urban living trends, offering residents access to nearby amenities including the West Leederville Shopping Centre, cafes, bars, and restaurants. The project, dubbed “Rosslyn Quarter,” is expected to reach an end value of around $200 million, underscoring its scale and potential profitability.
Regulatory and Market Context
The development is subject to obtaining Development Approval (DA), with the West Leederville Precinct Structure Plan nearing final adoption by the Western Australian Planning Commission. This regulatory milestone is critical, as it will set the framework for the project’s design and feasibility. Finbar’s CEO Ronald Chan highlighted the company’s confidence in the location, citing previous success with the nearby Motive Apartments project completed in 2017.
Long-Term Earnings Outlook
Settlement of the land acquisition is anticipated in the 2026 financial year, with revenue contributions expected to flow into Finbar’s earnings in FY2029 and FY2030. This timeline reflects the typical gestation period for large-scale residential developments, emphasizing the company’s strategic focus on medium-term growth. The scale of the project also allows Finbar to leverage economies of scale, potentially delivering a competitively priced product in a well-located market.
Strengthening Perth Development Pipeline
By securing this site, Finbar diversifies and strengthens its metropolitan Perth development pipeline. The company’s ability to time product delivery in line with market conditions could prove advantageous amid fluctuating demand and pricing dynamics in the residential property sector. The Rosslyn Quarter project thus represents both a continuation of Finbar’s urban development expertise and a strategic bet on Perth’s evolving housing landscape.
Bottom Line?
Finbar’s West Leederville acquisition sets the stage for a major urban project, but regulatory approval and market timing remain key hurdles.
Questions in the middle?
- When will Development Approval be secured, and what conditions might it impose?
- How will Perth’s residential market trends affect pricing and sales velocity for the Rosslyn Quarter apartments?
- What design innovations or sustainability features will Finbar incorporate to meet feasibility benchmarks?