Finbar purchases Northbridge site

Finbar has bought a $6 million site to develop about 85 residential apartments plus commercial lots on James Street in Northbridge.

The 2,119 square metre site, on the corner of Fitzgerald Street, is due to settle in May 2014.

Finbar said it was exploring several design options with residential allocations above ground floor commercial space, with an approximate end value of $50 million.

Finbar managing director Darren Pateman believes the acquisition of the land will complement the Northbridge Link project currently under way.

"With our FY14 through FY16 pipeline now showing a strong growth trajectory for our company, we are focused on bolstering our FY17 projects and believe this wholly owned development land will benefit greatly from the opening up of the Perth northern corridor through the completion of the Northbridge Link project" Mr Pateman said.

Finbar's share price is at $1.58 as of 11:15am, WST.