• $15.7 million plus GST to purchase 236 Railway Parade, West Leederville
• Proposed 240 apartment project, co-located with excellent existing urban amenities
• $200M estimated end project value as Finbar wholly owned project

Finbar Group Limited (ASX: FRI), Western Australia's leading apartment development company, has announced the acquisition of an approximate 4,997sqm site located at 236 Railway Parade, West Leederville. The acquisition by a wholly-owned Finbar entity is subject to obtaining a development approval (DA). Land acquisition is anticipated to settle in FY2026. The site, located within a precinct known as 'Rosslyn Quarter', has been identified as prime development land that will be subject to the West Leederville Precinct Structure Plan, which is in its final stages of being adopted by the Western Australian Planning Commission. Located 2 kilometres from the Perth CBD, adjacent to high-frequency public transport, and in close proximity to excellent urban amenity, the project is only 400 metres from Finbar's former successful Motive Apartments project, which was completed in 2017. Adjacent to the West Leederville Shopping Centre, which contains a Coles supermarket plus a range of commercial offerings, the local area is well known for its cafes, wine bars, bars and restaurants, all in close proximity. It is proposed that the Railway Parade property will be developed into approximately 240 residential apartments across two 18-storey towers with ground-floor commercial fronting Railway Parade. This will result in a development with an estimated end value of approximately $200 million, the profit of which is expected to contribute to Finbar's earnings in FY2029/FY2030.

The acquisition is expected to contribute to Finbar's earnings in FY2029/FY2030.

Finbar will commence its design work immediately to ensure the proposed development achieves Finbar's feasibility benchmarks. The acquisition diversifies and strengthens Finbar's long-term development pipeline across metropolitan Perth, enabling the company to time its product delivery strategically in line with market conditions.