Finbar Group has conditionally acquired a prime South Perth site for $16.5 million, aiming to launch a $350 million apartment development by 2028 and boosting its pipeline to over $1.6 billion.
- Conditional $16.5 million purchase of South Perth site
- Estimated project end value of $350 million
- Market launch targeted for mid-2028
- Project completion expected by FY2031 or FY2032
- Development pipeline grows to over $1.6 billion
Strategic Acquisition in South Perth
Finbar Group Limited, a leading apartment developer in Western Australia, has announced a conditional purchase of a significant 4,093sqm site in South Perth for $16.5 million. The acquisition, pending due diligence and other conditions, is expected to settle by July 2026 and marks a key expansion in Finbar’s development footprint.
The site is strategically positioned across from Finbar’s successful Civic Heart project and close to major amenities including Perth Zoo, Mends Street shopping precinct, and the South Perth ferry terminal. This prime location within the South Perth Activity Centre offers discretionary height limits and substantial plot ratio potential, making it ideal for high-density residential development.
Ambitious Development Plans
Finbar plans to launch the new project to market by mid-2028, with completion anticipated in the 2031 or 2032 financial year. The end value of the development is estimated at approximately $350 million, reflecting strong confidence in the local apartment market and the site’s appeal to affluent owner-occupiers.
CEO Ronald Chan highlighted South Perth’s importance to Finbar’s strategy, citing its proximity to the CBD, existing amenities, and a mature demographic that supports sustained demand for quality apartments. This acquisition not only reinforces Finbar’s presence in a sought-after suburb but also enhances its development pipeline to over $1.6 billion.
Financial Strength and Strategic Growth
Finbar’s robust cash position enables it to pursue selective, high-value acquisitions like this one, aligning with its disciplined capital allocation approach. The company’s track record of award-winning developments in South Perth adds credibility to its plans for this new project, which is expected to deliver long-term shareholder value and meet strong housing demand.
Investors will be watching closely for updates on the contract’s unconditional status and any material changes to the project timeline or scope. This acquisition underscores Finbar’s commitment to expanding its metropolitan Perth portfolio with strategically positioned, high-quality developments.
Bottom Line?
Finbar’s South Perth acquisition signals a confident push into a lucrative market, with execution and market conditions to watch closely.
Questions in the middle?
- Will Finbar’s due diligence uncover any challenges that could delay settlement?
- How will market conditions between now and 2028 affect the project’s launch and sales?
- Could this acquisition prompt further expansion or partnerships in South Perth?