LAND SALE AT RIVERVALE TO ENABLE A PROPOSED BTR
| Stock | Finbar Group Ltd (FRI.ASX) |
|---|---|
| Release Time | 3 Jul 2025, 4:07 p.m. |
| Price Sensitive | Yes |
Finbar Sells Rivervale Land for Build-to-Rent Development
- $13.68 million plus GST sale of 6 Homelea Court, Rivervale
- Revenue forecast to boost Finbar's H1 FY2026 earnings
- Development Approval in place for 171 apartments
- Sale subject to Conditions Precedent
Finbar Group Limited (ASX: FRI), Western Australia's leading apartment development company, has announced the sale of its wholly-owned subsidiary's 6 Homelea Court, Rivervale site for $13.68 million plus GST. The approximately 3,809sqm site is being sold to Together Housing (WA) 2 Ltd, a registered charity and community housing provider, with the transaction subject to Conditions Precedent, including the purchaser's satisfaction of feasibility benchmarks. The site was previously acquired and amalgamated by Finbar in 2015 to enable a large-scale apartment development. Development Approval was obtained in January 2025 for a 171-apartment build-to-rent project. Finbar retains two other prime development sites in The Springs precinct, including a 19-storey residential development with 143 apartments. Finbar CEO Ronald Chan stated that the sale enables the company to redeploy capital to accelerate delivery of existing approved projects and pursue new strategic acquisitions to expand and diversify its development pipeline.
The sale of 6 Homelea Court, Rivervale is forecast to boost Finbar's H1 FY2026 earnings.