Once again Perth is showing growth in the market with Western Australian apartment developer, Finbar, purchasing a 1,697 sqm site on Adelaide Terrace for $6.5 million. 

The site, at 240 Adelaide Terrace, currently houses a vacant, 62-room accommodation facility over two to three-levels; it includes car parking on site for 24 vehicles. The 62 rooms comprise studio rooms and single rooms with shared facilities, including an internet lounge, TV lounge, external courtyard and landscaped backyard.

Barney Dear and Chas Moore of Savills negotiated the sale following an Expressions of Interest campaign which attracted interest from both local and national developers and investors. Mr Dear noted ASX-listed Finbar was attracted to the sites strong development prospects.

Mr Moore said, “The opportunity to secure an Office/Residential zoned landholding of this size in such a prime location is becoming exceedingly rare, and we’re proud to have secured such a strong result for the client.”  
 
The property is Finbar’s fourth development site purchase in the CBD in the last 12 months and the developer has plans to construct 115 apartment tower on site with an estimated end value of around $71 million. 

“The McGowan Government recently announced two years of stamp duty relief for off-the-plan purchasers, which will be a welcome shot in the arm for Perth’s apartment market,” said Mr Dear. 

According to Perth Cityscope, the vendor, Girls Friendly Society Inc, is a not-for-profit organisation which aims to minister to children, youth and their families. It was originally founded in England in 1875 by Mary Townsend. The first local Australian branch was formed in Adelaide in 1879.