Developer to create iconic 30 storey residential tower on the South Perth Peninsula
South Perth is set to gain a new landmark mixed-use development following the $27.31 million sale of the South Perth ‘Civic Triangle’ site to a Joint Venture company involving WA’s leading apartment developer Finbar Group Limited.
The 7,206sqm South Perth Civic Triangle site was sold by JLL acting on behalf of the City of South Perth to a special purpose vehicle Joint Venture led by Finbar Group. The sale was negotiated by JLL Director of Sales and Investment WA, Tom Nattrass and Manager of Sales and Investments WA, Sean Flynn.
Mr Nattrass said the SPV Joint Venture had signed an unconditional agreement to purchase the 7,206sqm parcel of land from the City and to complete the proposed building within an agreed development timeframe – a period of approximately four years.
“Finbar Group’s proposed development would feature a landmark 30-storey, oval shaped residential tower that is expected to become Perth’s tallest building outside the CBD and the most significant development project undertaken on the South Perth peninsula,” said Mr Nattrass.
“The development will feature an expansive ground and first floor retail centre including a 2,500sqm full-line supermarket, numerous stand-alone retail tenancies, commercial offices, medical consulting rooms, gymnasium and childcare centre.
“The development will generate significant street activation by taking advantage of the site’s exposure and integrating a major new external pedestrian plaza with the adjacent retail and commercial precinct.
”The building will provide five levels of below ground parking while also offering 162 bicycle bays to help reduce traffic pressure on the riverside suburb.Mr Flynn said, “Finbar comprehensively addressed all of the required criteria of the sale process by demonstrating their unparalleled experience in developing projects of this type and scale.
“In addition, their project vision delivered the best outcome for the site and the South Perth community, in terms of built form and improved amenity.
”Finbar Group said it recognises the importance of developing an appealing, high quality metropolitan landmark. The development will create a unique urban village in South Perth and significantly enhance the lifestyle, amenity and vitality of the local community.
City of South Perth Mayor Sue Doherty said, “The sale of the Civic Triangle site is an exciting outcome for the residents of South Perth.
“The Finbar Joint Venture development will be an iconic landmark that local residents will be proud to recognise as their own, expanding our residential and commercial precinct now and well into the future.
“The site is situated directly on the entrance to South Perth, leading from the edge of the Swan River down to Mends Street. The striking development will be one of the first things visitors notice.
“Proceeds of the sale will be used to fund long planned and important City projects, including the $16 million Manning Community Hub, which is due to commence construction in 2015.”
JLL conducted a rigorous two stage sale process comprising an initial five week international expression of interest campaign, which generated 70 enquiries, followed by a private tender phase in which four proponents were invited to participate.
Mr Flynn said, “The sale of Civic Triangle was an exceptional opportunity and the market responded accordingly during the sale campaign.
“A good number of international development groups showed interest, but in the end the most compelling bids came from local and Australian based companies."
”“Finbar’s tender and development proposal demonstrated high level compatibility with the City of South Perth’s long term strategic vision for development of the precinct and inspired confidence in achieving a high quality development outcome,” said Mr Nattrass.
Finbar is no stranger to South Perth, having completed a number of apartment and mixed-used projects nearby including the prestigious Bluewater and 52 Mill Point Road developments.
Mr Nattrass said the Joint Venture’s proposal would see the heritage listed Police Station, on the southern corner of the site serve as an integral feature of the new development.
The City of South Perth progressively acquired the nine separate lots that make up the site, over a period of twenty years with the strategic objective and vision of consolidating the lots to facilitate a vibrant mixed-use development at the site.
Mayor Sue Doherty said the City acknowledges the valuable contribution and hard work undertaken by Tom Nattrass and Sean Flynn from JLL that has led to this positive outcome for the local community.
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