Finbar buys Rivervale apartment site

Apartments developer Finbar Group has reached an agreement to buy LandCorp's last available plot of land in the Springs redevelopment precinct in a deal worth $6.4 million, but has not yet specified when it will proceed with the development.

Finbar said it was planning to build about 150 apartments at Lot 1,000 of The Springs, with the project to have an end value of around $65 million.

The developer will lead a joint venture with long-standing partner Wembley Lakes Estates to develop the land.

Finbar did not put a timetable on the development, saying detailed design works would not commence immediately.

Once the project is launched, however, it will increase Finbar’s contribution to Springs Rivervale to more than 1,000 apartments.

Finbar’s first project at Rivervale was the small-scale Arum and Samphire apartments, which were completed in 2005.

Other projects by Finbar in Rivervale include Arbor North and Arbor South, Spring View Towers and Ceresa, while the developer is also advancing plans for a 130-apartment development at Lot 1014 of the precinct.

“The Springs is a fine example of urban renewal on the doorstep of the CBD and Finbar has been able to secure the cream of the crop in terms of land and location within the precinct,” Finbar Group managing director Darren Pateman said.

“The development of Lot 1,000 will be the final stage of Finbar’s extensive Springs activity.

“As we progressively complete each Springs project, the next project brings compounding benefits from our participation in developing the precinct and assisting the state government in meeting its urban infill goals.”