RAAFWA sells HQ to developer
The Royal Australian Air Force Association of Western Australia has sold its sprawling headquarters, also the Central Support Office, in South Perth.
Finbar is the buyer, for $16.5 million following an off-market campaign.
Pending conditions being met, the ASX-listed group is expected to settle July.
Marketing for an apartment project, with an end value circling $350m, should start mid-2028.
Construction should be complete in the 2032/2033 financial year.
Finbar doubles down in South Perth
The RAAFWA, which holds a sizeable real estate portfolio, paid $9.9m in 2017 for the South Perth site covering 4093 square metres over two addresses – 18-22 Bowman Street and 19 Labouchere Road (continues below).
Finbar recently completed a project across the road – Civic Heart contains 308 apartments in two towers, of 37 and 20 levels.
The pocket is 400 metres to South Perth ferry terminal and less than to the Mends Street retail strip and Perth Zoo.
“Finbar views South Perth as a critical component of our development pipeline, acknowledging the proximity to the CBD and Swan River, existing substantial amenity and a suburb characterised by a mature, affluent demographic with a high proportion of owner occupiers,” chief executive officer, Ronald Chan, said.
“The current strong demand for apartments and our extensive experience and knowledge of the South Perth apartment market underpins our strategic approach in expanding our presence in this location,” he added.
“This acquisition lifts Finbar’s development pipeline to over $1.6 billion underscoring the strength, quality and strategic positioning of our metropolitan Perth site portfolio,” according to the executive.
Subscribe to our newsletter at the bottom of this page.
