Finbar Advances $230M West Leederville Project After Site Settlement
Finbar has completed settlement on a prime West Leederville site and lodged a development application for a $230 million mixed-use project featuring 240 apartments and commercial space, aiming for earnings impact in FY2029/FY2030.
- Settlement on 4,997sqm West Leederville site completed
- Development application for two-tower mixed-use project lodged
- Project valued at approximately $230 million end value
- Expected earnings contribution in FY2029/FY2030
- Adds to Finbar’s growing metropolitan Perth pipeline
Settlement Unlocks Prime West Leederville Development
Finbar Group Limited (ASX:FRI) has secured a significant foothold in West Leederville with the recent settlement of a 4,997sqm site at 236 Railway Parade. This acquisition sets the stage for a substantial mixed-use development, with the company lodging a development application proposing two towers comprising around 240 residential apartments alongside ground-floor commercial space.
The project, estimated to have an end value of approximately $230 million, is strategically located within the Rosslyn Quarter precinct, just 400 metres from Finbar’s 2017 Motive Apartments and close to key amenities including the West Leederville train station, Perth CBD, Leederville, and Subiaco. The West Leederville Precinct Structure Plan, adopted earlier this year in February 2026, underpins the site’s development potential by supporting a substantial yield.
Pipeline Strengthened by Strategic Location and Scale
Finbar’s CEO Ronald Chan highlighted the importance of this milestone, noting the site’s scale allows for construction efficiencies through a two-tower design, while reinforcing the company’s medium-cost apartment offering. This project diversifies Finbar’s portfolio across metropolitan Perth and provides flexibility to time product delivery in line with market conditions.
This latest development complements Finbar’s broader pipeline, which recently saw progress with the $16.5M South Perth Buy aimed at a $350 million project and the 70% presales for Palmyra West signalling strong market demand. Together, these projects highlight Finbar’s active expansion across Perth’s sought-after precincts.
Long-Term Earnings Horizon and Market Conditions
While the development application is now lodged, the project’s contribution to Finbar’s earnings is expected in FY2029/FY2030, contingent on securing development approvals, project timing, and prevailing market conditions. This timeline reflects the typical gestation period for large-scale mixed-use developments and underscores the importance of regulatory and market factors in shaping delivery.
As Finbar navigates these variables, the West Leederville project stands as a key element in its long-term strategy to capture value from Perth’s evolving residential landscape.
Bottom Line?
Finbar’s West Leederville project adds a significant asset to its pipeline, but earnings impact hinges on approvals and market shifts over the next few years.
Questions in the middle?
- How will Finbar’s medium-cost apartment focus resonate with evolving Perth demand?
- What regulatory hurdles might affect the West Leederville project’s timing and scale?
- Could market conditions shift enough by FY2029 to alter the project’s financial outlook?
