Finbar secures development approval for $265m Leeder Residences project
Finbar Group (ASX: FRI) has received Development Approval for its site at 236 Railway Parade, West Leederville, clearing a key regulatory milestone for a mixed-use project now valued at an estimated $265 million.
The approval covers a two-tower, 18 and 19 storey development comprising 244 residential apartments and 210 sqm of ground-floor commercial space. The project will be named Leeder Residences.
Notably, the estimated end value has been revised upward from $230 million to $265 million, adding materially to the Western Australian apartment developer’s pipeline. The approval follows the company’s 15 April 2026 announcement, which confirmed completion of site settlement and lodgment of the DA.
The West Leederville DA lodgment in April 2026 confirmed site settlement at 236 Railway Parade and outlined an initial estimated end value of $230 million, providing the baseline from which the now-approved $265 million figure represents a material upward revision.
When big ASX news breaks, our subscribers know first
What the approval delivers
The approved scheme sits on an approximately 4,657 sqm site and delivers a diverse apartment mix alongside commercial frontage on Railway Parade.
| Feature | Detail |
|---|---|
| Development name | Leeder Residences |
| Site size | 4,657 sqm |
| Configuration | Two towers, 18 & 19 storeys |
| Apartments | 244 (studios, 1×1, 2×2, 3×2) |
| Commercial space | 210 sqm ground floor |
| Revised end value | $265m (up from $230m) |
Residents will benefit from an extensive amenity offering across the development, including:
-
Two rooftop decks, a 25-metre heated pool, gym, sauna and steam room
-
Games room, residents’ lounge, BBQ cabanas and a dedicated pet exercise area
-
A new extended pedestrian and vehicle laneway on Furniss Lane, connecting Railway Parade through to Cambridge Street
A well-connected location
The site is located within the “Rosslyn Quarter” precinct, directly opposite West Leederville train station and just 2 km from the Perth CBD. It benefits from the adoption of the West Leederville Precinct Structure Plan in February 2026.
The surrounding area offers numerous small bars, restaurants and cafes, with West Leederville Shopping Centre immediately adjacent, positioning the development in a well-serviced urban precinct.
Why development approvals matter for property developers
For property developers, a Development Approval (DA) is a key regulatory milestone. It is the formal consent from planning authorities that allows a project to proceed, effectively de-risking the site and unlocking the next phases of pre-sales and construction.
The upward revision in estimated end value, from $230 million to $265 million, is a positive indicator for the project’s future revenue potential. A higher end value reflects an enhanced expected sales outcome once the apartments are brought to market.
For investors, the significance is straightforward. A DA converts a passive pipeline site into an active, revenue-generating project, moving it closer to contributing to the company’s earnings.
How Railway Parade fits Finbar’s investment case
The approval represents active conversion of Finbar’s five-year $1.8 billion development pipeline. Management has framed the project around a disciplined mid-tier strategy, targeting the supply gap and housing affordability challenges in Perth.
Recent sales momentum across the portfolio supports this positioning. The company cited its Riverbank project as 97% sold out and now under construction, alongside its Romeo development in Applecross, which has achieved 59% off-the-plan sales with construction anticipated to commence in September.
Finbar’s record H1 FY26 sales results, which showed $368 million in sales across 409 lots and total presale contracts of $548 million, established the commercial backdrop against which the Railway Parade approval now adds further pipeline depth.
CEO Commentary
“The approval at Railway Parade is another meaningful step in the active conversion of Finbar’s five-year, $1.8 billion development pipeline. This project reflects exactly the kind of disciplined, mid-market product that Finbar delivers, quality apartments at accessible price points, in locations where genuine housing demand exists. We remain deliberately focused on the mid-tier market, because that is where the real supply gap is and where we can make a tangible contribution to housing affordability in Perth,” said Mr Ronald Chan, Chief Executive Officer.
According to the company, policy support at both federal and state level is increasingly aligned with the need for new housing supply, which management believes positions Finbar to meet that demand.
Timeline and earnings contribution
The approval sets a clear path for the project’s next phases, with financial impact expected several years out.
-
Pre-sales launch: scheduled for 2H CY2026
-
Construction completion: targeted for 2H CY2029
-
Earnings contribution: anticipated in FY2029/FY2030, subject to delivery timing and market conditions
It is important to note that the earnings timing remains conditional, with the company stating the contribution is subject to delivery timing and market conditions. The Leeder Residences name honours William Leeder, one of the Swan River Colony’s early settlers, whose family name became synonymous with the district, reinforcing the project’s local identity.
A trusted WA developer with a deep track record
Finbar brings more than 30 years of experience to the project, having delivered 80 landmark developments and over 7,600 apartments worth $4.6 billion. The company describes itself as one of Western Australia’s largest and most trusted apartment developers, positioning it to help meet ongoing housing demand across the state.
I notice that no Target URL was provided in your message. Could you please share the Target URL you’d like me to embed in the CTA? Once you provide it, I’ll generate the complete, formatted output straight away.