Finbar has signed on to sell the site to develop a Housing Australia-supported $100 million social housing project.
Finbar Group has signed on to sell a Rivervale site to a community housing provider for $13.68 million, as a part of a $100 million social housing project.
ASX-listed charity Together Housing (WA) will acquire the 3,809 square metres block on Homelea Court, subject to conditions precedent.
The proposal for 6 Homelea Court was approved in January by a development assessment panel.
It comprises of a 12-storey building containing 171 apartments.
Finbar chief executive Ronald Chan said the Housing Australia-backed build-to-rent project would add to the apartment developer’s portfolio in the area.
Its four already completed builds in the City of Belmont total 630 apartments.
“When the opportunity emerged to potentially divest the site to an entity delivering housing aligned with the Housing Australia Future Fund, it presented a highly attractive option,” Mr Chan said.
“This approach enables us to redeploy company capital to accelerate delivery of our existing approved projects and pursue the acquisition of new sites that strategically expand and diversify our development pipeline."
The federal government’s $10 billion HAFF is set to deliver more than 500 social and affordable homes in Western Australia.
Federal Housing Minister Clare O’Neil announced on Wednesday the allocation for the WA government in the latest funding round.
The Metro Inner DAP report donned the development a $45 million project, but Finbar projected its value to reach $100 million.
The plan includes 116 one bedroom and 55 two-bedroom units, 162 car bays and 25 motorcycle bays.
The site was created by Finbar’s acquisition and amalgamation of four lots purchased from the state government and a private developer in 2015.
According to Data & Insights, Finbar is the fourth largest apartment developer in the state.
6 Homelea Court. Photo: Finbar Group
