Finbar Lodges DA for $230M Twin Tower Project at Wholly Owned West Leederville Site
Finbar settles West Leederville site and lodges DA for $230 million two-tower project
Finbar Group has completed settlement of a 4,997sqm development site at 236 Railway Parade, West Leederville, and simultaneously lodged a development application (DA) for a two-tower mixed-use project with an estimated end value of $230 million. The site is wholly-owned by Finbar, meaning the company retains full project economics rather than sharing margins with joint venture partners.
The development proposes approximately 240 residential apartments plus ground-floor commercial space. Located within the “Rosslyn Quarter” precinct, the site sits 400 metres from Finbar’s completed Motive Apartments (2017) and benefits from proximity to West Leederville train station and Perth CBD.
Strategically, the project aligns with the newly adopted West Leederville Precinct Structure Plan (February 2026), which supports substantial development yield in the area. Subject to approvals, delivery timing and market conditions, the development is anticipated to contribute to Finbar’s earnings in FY2029/FY2030.
Key project metrics:
- Site location: 236 Railway Parade, West Leederville
- Site size: 4,997sqm
- Estimated end value: $230 million
- Configuration: Two towers, approximately 240 residential apartments plus ground-floor commercial
- Expected earnings contribution: FY2029/FY2030
- Ownership structure: Wholly-owned by Finbar (full margin retention)
The wholly-owned structure is significant. Unlike joint venture arrangements, Finbar will capture the entire project margin rather than splitting returns with development partners. The $230 million end value positions this as a material contributor to future revenue, extending the company’s earnings visibility into the latter half of the decade.
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What is a development application and why does it matter?
A development application is the formal approval request submitted to local planning authorities before construction can legally proceed. It is an early but essential step in the property development timeline, requiring detailed architectural plans, planning compliance documentation, and environmental assessments.
DA lodgement does not guarantee approval. Project timelines remain subject to planning authority decisions, which can include requests for amendments, conditional approval, or refusal. However, the recent adoption of the West Leederville Precinct Structure Plan in February 2026 provides a supportive planning framework that increases the likelihood of favourable assessment for projects within the designated precinct.
For property developers, DA lodgement converts a land asset into an active pipeline project. It signals progression from strategic land banking to execution phase, with the next catalyst being approval determination.
Typical development approval pathway:
- Land acquisition: Site secured and settled
- DA lodgement: Formal application submitted to planning authorities
- Assessment period: Council review, public consultation, potential amendments
- DA approval: Planning consent granted (subject to conditions)
- Construction commencement: Development proceeds following approval
- Completion and settlement: Apartments sold and settled, earnings recognised
The West Leederville Precinct Structure Plan adoption signals council receptiveness to density in this location, supporting the case for projects that align with precinct objectives.
Finbar’s track record in West Leederville and pipeline diversification
Finbar has proven execution capability in West Leederville. The company completed Motive Apartments in 2017, located just 400 metres from the newly acquired site. This prior delivery demonstrates familiarity with the local market, planning environment, and buyer demographics.
The Rosslyn Quarter precinct benefits from established amenity. Proximity to West Leederville train station, Perth CBD, Leederville and Subiaco provides residential appeal, whilst the scale of the 4,997sqm site supports construction efficiencies via a two-tower design.
Finbar brings 30+ years of development experience, having delivered 79 developments comprising over 7,400 apartments with a combined value exceeding $4.5 billion. This track record provides both operational capability and institutional credibility when engaging with planning authorities, construction partners, and financiers.
Management has highlighted the project’s role in strengthening Finbar’s “medium-cost product offering,” positioning the development to serve Perth’s mid-market apartment segment rather than premium or affordable tiers.
Ronald Chan, Chief Executive Officer
“This project further diversifies and strengthens our long-term development pipeline across metropolitan Perth and provides flexibility to align product delivery with market conditions.”
Pipeline diversification reduces concentration risk. By spreading projects across multiple sites and delivery timeframes, Finbar gains optionality on timing delivery to match market demand. If near-term market conditions soften, the company can delay certain projects whilst progressing others where demand remains robust.
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Project economics and earnings timeline
The wholly-owned structure means Finbar retains 100% of project margins rather than splitting returns with joint venture partners. This contrasts with traditional development partnerships where land is contributed by one party and development expertise by another, with profits shared accordingly.
For a $230 million end value project, this ownership model amplifies Finbar’s exposure to project economics, both upside potential and downside risk. The company absorbs full construction cost risk, market timing risk, and sales execution risk, but captures the entire margin upon successful delivery.
The anticipated earnings contribution in FY2029/FY2030 is subject to three contingencies: development approval, delivery timing, and market conditions. DA approval must be secured before construction can commence. Once approved, construction timelines typically span 18-24 months for multi-tower residential projects. Revenue recognition occurs progressively as apartments settle, meaning the FY2029/FY2030 timeframe assumes approvals are secured through 2026, construction commences in 2027, and settlements begin flowing from 2028 onwards.
| Metric | Detail |
|---|---|
| Site Location | 236 Railway Parade, West Leederville |
| Site Size | 4,997sqm |
| Estimated End Value | $230 million |
| Ownership Structure | Wholly-owned (full margin retention) |
| Expected Earnings Contribution | FY2029/FY2030 |
Multi-year forward visibility into the earnings pipeline allows investors to model Finbar’s development cycle and anticipated revenue recognition timing. The FY2029/FY2030 timeframe positions this project as a medium-term pipeline addition rather than near-term earnings catalyst.
What comes next for Finbar
The DA is now with planning authorities awaiting determination. Approval timeframes vary depending on application complexity, public submissions, and council workload, typically ranging from three to twelve months for projects of this scale.
Project commencement and delivery timing will depend on approval outcomes and market conditions. Management has stated flexibility to align delivery with market demand, meaning construction may be staged or timed to coincide with favourable sales environments.
The DA lodgement moves this asset from “land bank” to “active development pipeline” status. The next material catalyst will be approval determination, which converts the project from proposed to approved and de-risks execution timelines.
Ready to Learn More About Finbar’s West Leederville Development Pipeline?
The $230 million two-tower project at West Leederville represents a wholly-owned opportunity for Finbar to capture full project margins through FY2029/FY2030. With DA lodged and a 30+ year track record of delivering over 7,400 apartments, the company’s strategic positioning in Perth’s mid-market residential segment warrants closer examination.
For detailed project economics, approval timelines, and pipeline analysis, visit the Finbar investor centre to access full company reports and announcements. Investors seeking exposure to Perth’s residential development cycle may find value in tracking DA determination outcomes and construction commencement timing.