Community housing provider snares permit-ready site
ASX listed Finbar has sold a piece of The Springs estate, at Rivervale, to a community housing provider.
The 3809 square metre parcel, 6 Homelea Court, also exposed to Graham Farmer Highway (Google Street View image, top), collected $13.68 million following an off-market campaign.
The incoming owner, Together Housing, a registered charity, is planning to proceed with a permitted build to rent project.
The sale is conditional on certain conditions including that buyer’s satisfaction with feasibility benchmarks.
The deal comes a week since we reported the state government was paying c$105m for the 5-star Fraser Suites hotel in East Perth with plans to repurpose it for social housing.
12 levels, 171 units planned
Finbar created the site in 2015, amalgamating four lots; it has developed some 630 dwellings as part of The Springs, and retains two parcels there – Lot 1000, 300 Riversdale Rd, facing the Swan River, permit-ready for a 19 level tower with 143 dwellings, and Lot 888, 2 Hawksburn Rd.
Together Housing is buying 6 Homelea Ct with a permit, issued January, for 171 dwellings over 12 storeys.
“When the opportunity emerged to potentially divest the site to an entity delivering housing aligned with the Housing Australia Future Fund, it presented a highly attractive option,” Finbar chief executive officer, Ronald Chan, said.
“This approach enables us to redeploy company capital to accelerate delivery of our existing approved projects and pursue the acquisition of new sites that strategically expand and diversify our development pipeline,” he added.
Rivervale is about five kilometres east of Perth’s CBD.
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