Finbar Group has secured development approval for its Leeder Residences in West Leederville, boosting the project's estimated end value to $265 million. The two-tower development will deliver 244 apartments and is set to start pre-sales in late 2026.
- Development approval granted for 244-apartment Leeder Residences
- Project value revised up from $230 million to $265 million
- Pre-sales launch scheduled for second half of 2026
- Construction completion targeted for second half of 2029
- Earnings contribution expected in FY2029/FY2030
Development Approval Unlocks Higher Project Valuation
Finbar Group Limited (ASX:FRI) has received development approval for its West Leederville site at 236 Railway Parade, marking a key milestone that has lifted the project's estimated end value from $230 million to $265 million. The approved plan features two residential towers of 18 and 19 storeys, delivering 244 apartments and 210 square metres of commercial space, underscoring Finbar's ongoing commitment to Perth's mid-tier housing market.
Strategic Location and Enhanced Amenities
The 4,657 square metre site sits in the Rosslyn Quarter precinct, directly opposite West Leederville train station and just 2 kilometres from Perth's CBD. The development, named Leeder Residences, will offer residents a comprehensive suite of amenities including rooftop decks, a heated 25-metre pool, gym, sauna, steam room, games room, and dedicated pet exercise areas. A new pedestrian and vehicle laneway connecting Railway Parade to Cambridge Street is also planned, enhancing precinct connectivity and accessibility.
Timeline and Market Positioning
Finbar aims to launch pre-sales for Leeder Residences in the second half of calendar year 2026, with construction expected to complete by the second half of 2029. Subject to market conditions and delivery timing, the project is anticipated to contribute to Finbar's earnings in FY2029 and FY2030. This development adds to a five-year, $1.8 billion pipeline, reflecting Finbar's focused strategy on delivering quality, affordable apartments in locations with strong housing demand.
Management Confidence and Market Signals
CEO Ronald Chan highlighted the project's alignment with Finbar's disciplined approach to the mid-market segment, citing recent strong sales at the Riverbank and Romeo developments as evidence of robust buyer demand. The company is positioning itself to address housing affordability challenges in Perth, supported by favourable federal and state policies encouraging new supply. Naming the project Leeder Residences pays homage to local history, connecting the development to West Leederville’s heritage.
Bottom Line?
Finbar’s upgraded valuation and development approval for Leeder Residences reinforce its steady pipeline growth, but market conditions will ultimately dictate sales momentum and earnings impact beyond FY2029.
Questions in the middle?
- How will Perth’s housing market dynamics affect pre-sales uptake at Leeder Residences?
- What impact will construction costs and timelines have on Finbar’s projected earnings?
- Could further pipeline adjustments arise if market conditions shift before FY2029?