Finbar secures $7.5 million Ascot site to grow pipeline past $1.95 billion
Finbar Group (ASX: FRI) has entered into a $7.5 million conditional purchase of an approximately 5,317sqm site at 172-176 Great Eastern Highway, Ascot, in Western Australia. The acquisition, made by a wholly-owned Finbar entity, is subject to Foreign Investment Review Board (FIRB) approval, with settlement anticipated for late November 2026.
The addition lifts Finbar’s five-year development pipeline to over $1.95 billion. As a Finbar wholly owned project, the site carries an estimated end value of approximately $150 million.
Key figures at a glance:
- Purchase price: $7.5 million (conditional)
- Site area: approximately 5,317sqm
- Estimated end value: approximately $150 million
- Targeted market launch: CY2027
- Anticipated completion: FY2029 or FY2030
- Pipeline now: over $1.95 billion
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Why the Ascot location matters
The site sits at the corner of Stoneham Street and Great Eastern Highway, positioned as a well-connected infill location near existing amenity. It lies approximately 250 metres west of Finbar’s completed Bel-Air Apartments and directly opposite the former Parry Field, also known as Grove Farm Reserve, which offers 14 hectares of riverfront public open space.
The site is situated within the identified Golden Gateway Local Structure Plan area, supporting large-scale mixed-use and residential development and allowing a potential range of high-density outcomes.
Surrounding amenity and connectivity are summarised below.
| Landmark | Distance from Site |
|---|---|
| Swan River | 320m |
| Ascot Racecourse | 600m |
| Optus Stadium | 3km |
| Perth Airport | 4km |
| Perth CBD | 6km |
For investors, connectivity and proximity to established amenity underpin Finbar’s demand thesis for affordable mid-range apartments in supply-constrained markets.
A pipeline strategy built on cash strength
Finbar’s approach centres on refreshing its extensive pipeline with large-scale sites that offer “significant upside development options.” The company’s current range of product offerings spans from Applecross to West Leederville, South Perth to East Perth, and Rivervale to Ascot.
The Ascot acquisition follows the nearby Bel-Air Apartments development, which completed at the end of June and became the first Finbar project in more than a decade to sell out ahead of completion. According to the company, its strong cash position enables selective acquisition of sites in a supply-constrained market.
The Bel-Air Apartments completion marked a significant proof point for Finbar’s affordability thesis, with 193 of 194 apartments sold and $113.4 million in contracted settlements triggered upon strata title issuance in June 2026.
CEO Ronald Chan
“The acquisition of this important Ascot site aligns with Finbar’s strategy of focusing on delivering affordable, quality apartment products in well-connected infill locations in proximity to existing amenity, transport and employment opportunities.”
Chan added that leveraging the company’s cash position allows Finbar to selectively address different market segments, with a focus on affordable mid-range apartments that continue to perform well in an ongoing supply-constrained market.
What apartment developers’ pipelines mean for investors
A development pipeline refers to the collection of projects a developer plans to build over a defined period, in this case five years. The estimated end value represents the projected total sales revenue once a project is completed and sold, not the amount currently spent.
This distinction matters. The purchase price of $7.5 million reflects Finbar’s current outlay for the land, while the approximately $150 million end value reflects the anticipated total sales across the finished development.
Western Australia’s supply-constrained apartment market supports Finbar’s focus on affordable mid-range products, where demand has continued to perform well. Importantly, pipeline value is a forward indicator of potential future revenue rather than booked earnings, and remains conditional on projects proceeding.
Garden Towers topping out in East Perth, with 81% of its 330 units presold and $208 million in contracted revenue, shows how projects that enter Finbar’s pipeline as land acquisitions progress through construction milestones toward the settlement events that convert pipeline value into booked earnings.
Next steps and timeline
The acquisition remains conditional, with several steps required before the project can advance. Finbar has stated it will update the market when the Contract for the Sale of Land becomes unconditional, or if there is any material change to the status of the transaction.
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FIRB approval — condition precedent (pending)
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Settlement anticipated late November 2026
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Targeted market launch CY2027
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Anticipated completion FY2029 or FY2030
The Ascot acquisition selectively strengthens Finbar’s pipeline beyond $1.95 billion, with the company leveraging its cash position to secure large-scale sites. The project remains subject to FIRB approval and the contract becoming unconditional, meaning it is not yet guaranteed to proceed.
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