Lake Street in Northbridge will get a major dose of Finbar-style urban renewal following the Perth developer’s successful tender for two lots released by the East Perth Redevelopment Authority in the Plateia Hellas precinct.
The company paid $1.16 million and $1.87 million for a 914 square metre lot and a 1,129 square metre lot respectively, and will construct 31 residential apartments and five commercial tenancies in total over the project.
The EPRA plans to turn Plateia Hellas into a community meeting place and a distinctive north-west entry point to Northbridge, featuring tree lined streets, architectural paving, street lighting, street furniture and public open spaces.
“Our project will be very simple but modern low-rise project using traditional, inexpensive construction methods that will not take long to build once approvals are obtained,” Finbar managing director John Chan told WA Business News.
Overall development profit is expected to reach $3.7 million and will add to the company’s earnings from the recent sale of 81 apartments at its Domus complex, at 375 Hay Street in East Perth.
Development plans for a block close to Plateia Hellas, on the corner of Lake and James streets, has been put on hold by the Perth City Council following a blow-out in the project’s budget to more than $10 million.
It is expected the Northbridge Piazza site will be subdivided and parts sold.
