RAAFWA cashes out of Perth site
The Royal Australian Air Force of Western Australia has confirmed the sale of a 4093 square metre development site, mooted by realestaesource.com.au last year.
The off-market deal for 18-22 Bowman Street and 19 Labouchere Road, South Perth (marked, image, top), is worth $16.5 million.
Finbar is the buyer.
The land is opposite its Civic Heart project.
Redevelopment is scheduled in 2028.
The end value of the proposed project will circle $400m (continues below).
“A landholding of this size, directly opposite an existing successful project, was always going to attract strong interest, and we were able to secure that outcome for our client without the site ever reaching the open market,” Sterling Property’s Brian Neo, who brokered the off-market deal with Jack Bradshaw, said.
Finbar’s development pipeline is now worth c$1.6 billion.
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