Finbar’s East Perth project Fairlanes complete and almost sold out

Western Australian property developer Finbar has recorded residential sales of just over $100 million in its completed $160 million East Perth apartment project, Fairlanes.

The 27-level tower has 128 apartments, and 120 deposits have been taken, including one for a $2.5 million penthouse.

The most expensive penthouse, which has views of Rottnest Island and a price tag of $2.65 million, is yet to sell.

Finishing touches are being made to the project, and residents will start moving into the tower in three weeks.

So far the average sale price in the completed Adelaide Terrace development is $850,000.

The completed Fairlanes was launched on by WA Premier Colin Barnett on Friday, April 27 and has 7,000 square metres of office space over five levels plus 600 square metres of ground-floor retail and food space, of which about 3,600 square metres has been leased. Finbar will move its own corporate headquarters into some of the office space and retain the balance as an investment. The commercial area is valued at $53 million.

“The completion of Fairlanes is very well timed to benefit from the squeeze in Perth city vacancy rates and unrelenting demand from companies associated with the resources sector,” says Finbar managing director Darren Pateman.

The developer believes the remaining space and apartments will sell and lease steadily without the need for incentives.

“This will also help underpin the value of the retained commercial investment and provide a boost to the company’s reoccurring investment income. Revenue from successful settlements at Fairlanes coupled with recent revenue received from settlements from our ‘18 On Plain’ 29-apartment project will support an anticipated moderate increase in forecast profit from last year’s record profit of $24.03 million,” he says.

Finbar has produced eight high-rise apartment towers in WA since 2009 and has a further 10 buildings under construction in WA.