Finbar Group Limited (ASX:FRI) Secures Approval for $100 Million Rivervale Project
Project Approval Details
Finbar Group Limited (ASX:FRI) has received approval for a significant development project in Rivervale, comprising a 12-level building with 171 apartments. The estimated end sales value of the project is approximately $100 million.
The site, located at 6 Homelea Court, spans 3,809 sqm and is strategically positioned close to numerous amenities, including the Swan River, Burswood train station, and Optus Stadium.
Future Development Plans
This project marks the fifth development within the Springs precinct for Finbar. The company previously completed several projects in the area, establishing a strong foothold since the acquisition of the site in 2012.
Managing Director Darren Pateman expressed confidence in the project’s timing, stating it reflects the company’s strategic approach and alignment with market demand for affordable housing solutions. 68% of the apartments will be one-bedroom units, catering to the growing need for smaller living spaces.
Current Market Context
Finbar continues to navigate challenges such as skilled labour availability and inflationary pressures, having two large-scale projects currently underway. The approval of the Rivervale project adds depth to their development pipeline, ensuring sustained growth in the Perth metropolitan area.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Finbar Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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