Finbar’s Palmyra Buy Raises Stakes Amid Regulatory Approval Wait
Finbar Group has acquired the Palmyra development site from its JV partner, transforming it into a wholly-owned project valued at $88 million with settlement expected in early 2026.
- Acquisition of 45 McGregor Road, Palmyra for $5.5 million plus GST
- Site has DA approval for 130 residential apartments
- Estimated end project value of $88 million
- Settlement anticipated in Q1 FY2026, revenue expected FY2028
- Strengthens Finbar’s medium-density housing pipeline in Perth
Strategic Acquisition in Palmyra
Finbar Group Limited, a leading apartment developer in Western Australia, has taken a significant step by acquiring the Palmyra development site at 45 McGregor Road from its joint venture partner, West Coast Eggs Pty Ltd. This $5.5 million plus GST purchase converts the site into a wholly-owned Finbar project, consolidating control over a key parcel of land adjoining Woolshed Park and the company’s previously completed Palmyra Apartments East.
Project Details and Location Advantages
The site spans approximately 13,540 square meters and benefits from an existing Development Approval for 130 residential apartments across four low-rise buildings. Its prime location just four kilometres from Fremantle, close to the Royal Fremantle Golf Club, and within walking distance of a major shopping precinct anchored by Woolworths, positions it well for attracting buyers seeking convenience and lifestyle amenities. The area has seen strong growth recently, which Finbar expects will support a robust marketing campaign when the project launches within the next six months.
Financial and Strategic Implications
With an estimated end value of approximately $88 million, the Palmyra project is poised to make a meaningful contribution to Finbar’s earnings, anticipated to begin in FY2028. The acquisition leverages Finbar’s strong cash flow and balance sheet, enabling the company to activate a shovel-ready site without the complexities of a joint venture. This move also enhances delivery certainty for a strategic development within Finbar’s diversified pipeline, reinforcing its commitment to meeting Perth’s growing demand for medium-density housing.
Regulatory and Market Outlook
The acquisition remains subject to Foreign Investment Review Board approval, with settlement expected in the first quarter of FY2026. Finbar’s CEO, Ronald Chan, highlighted the collaborative history with West Coast Eggs and the strategic rationale behind the transaction, noting the partner’s shift in industry focus. The company’s ongoing monitoring of both off-the-plan and established apartment markets suggests confidence in the Palmyra precinct’s growth trajectory.
Looking Ahead
As Finbar prepares to launch the project to market, investors will be watching closely for updates on sales progress and regulatory approvals. The acquisition not only strengthens Finbar’s foothold in a sought-after Perth suburb but also signals the company’s proactive approach to capitalising on urban infill opportunities.
Bottom Line?
Finbar’s full ownership of the Palmyra site sets the stage for a high-value project that could reshape its earnings profile by 2028.
Questions in the middle?
- Will FIRB approval proceed smoothly and on schedule?
- How will market conditions affect sales velocity once launched?
- What impact will this acquisition have on Finbar’s overall development pipeline?