Sale of Civic Triangle
South Perth is set to gain a new landmark mixed-use development following the $27.31 million sale of the South Perth ‘Civic Triangle’ site.
The site was sold to a joint venture company involving Western Australia’s leading apartment developer Finbar Group Limited.
The Civic Triangle site comprises eight lots over 7206sqm in South Perth.
On 23 July 2014 the City of South Perth (CoSP) announced that following a rigorous Expression of Interest and Private Tender process, it had selected Finbar Group Limited as the preferred tenderer to acquire and develop the unique site in South Perth.
The lots involved in the sale will be amalgamated to accommodate an exciting new development and have been progressively acquired over a long period of time for this purpose.
“Finbar Group’s proposed development would feature a landmark 30-storey, oval shaped residential tower that is expected to become Perth’s tallest building outside the CBD and the most significant development project undertaken on the South Perth peninsula,” said Tom Nattrass, Jones Lang Lasalle (JLL) Director of Sales and Investments WA.
The proceeds of the sale will be used to fund a number of projects within South Perth over a ten year period including the Manning Community Hub Development, the EJ Oval Redevelopment, the George Burnett Leisure Centre Expansion, the Old Mill Project Stage 1, the Manning Library Expansion and the Mend Street Upgrade.
These projects address key themes in community priorities, identified in consultation for the CoSP’s Strategic Plan 2010-2015, such as creating opportunities for a safe, active and connected community.
CoSP Mayor Sue Doherty said, “The sale of the Civic Triangle site is an exciting outcome for the residents of South Perth.
“The Finbar Joint Venture development will be an iconic landmark that local residents will be proud to recognise as their own, expanding our residential and commercial precinct now and well into the future.”
Construction is to commence within the next two years, with estimated completion by August 2018.