Go-ahead for Finbar's $207m towers

The state’s peak planning body has given Finbar Group the green light to proceed with its $207 million plan to build two apartment towers in East Perth.

The company made the announcement to the ASX this morning, after state land agency DevelopmentWA met late last week to consider the 'Garden Towers' proposal.

The towers, earmarked for a heritage site on the corner of Plain and Hay streets, will sit at 38 and 27 storeys and comprise 331 apartments, commercial tenancies, a skydeck, bar, pool, gym, and an entertainment hub.

The heritage-listed site spanning more than 5,300 square metres was occupied by the state government’s chemical laboratories from 1942 until 2009.

The proposal also includes the repurposing of the former heritage-listed Materials Science Building, which sits in front of the towers.

Finbar managing director Darren Pateman said the continued demand for off-the-plan sales had given the group the confidence to launch and construct the project in one stage.

He said he expected the towers to be launched to market as early as April, with construction set to begin in late 2022.

Over the past two decades, the company has spearheaded 33 projects featuring more than 3,500 apartments worth more than $2 billion in the CBD.

The plan had been tipped to get the go ahead after the Central Perth Land Redevelopment Committee recommended it be approved in October.

Collapsed building company Diploma Group had plans to develop the site until it went into liquidation five years ago.

Finbar purchased the site last year for $16 million.