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Highlights:

  • FRI acquires 13,540 sqm Palmyra site from joint venture partner for AUD 5.5 million
  • Finbar project carries AUD 88 million estimated end value; settlement expected in FY26
  • FRI shares down 2.10% to AUD 0.70 following announcement on 9 July 2025

Finbar Group Limited (ASX:FRI) has announced the acquisition of a development site located at 45 McGregor Road, Palmyra, from its joint venture partner West Coast Eggs Pty Ltd, for a consideration of AUD 5.5 million plus GST. The acquisition will see Finbar transition the Palmyra site into a wholly owned project, with an estimated end value of AUD 88 million upon completion.

The 13,540 square metre site is adjacent to Woolshed Park and Finbar’s Palmyra Apartments East project. The parcel benefits from an existing Development Approval (DA) to construct 130 residential apartments across four low-rise buildings. The site is located approximately 4 km from Fremantle, near amenities such as the Royal Fremantle Golf Club, and within walking distance (500m) of a major local shopping precinct anchored by Woolworths. It also benefits from existing transport and infrastructure connectivity.

The land acquisition remains subject to Foreign Investment Review Board (FIRB) approval, with settlement anticipated in the first quarter of FY26. Finbar expects to launch the project to market within the next six months, targeting settlement revenue in FY28.

According to the company, the acquisition aligns with its strategy of maintaining a diversified development pipeline in Western Australia’s apartment sector. Finbar had previously partnered with West Coast Eggs Pty Ltd for the initial stage of development in the area. With West Coast Eggs focusing on activities outside of real estate, the site has now been transferred fully to Finbar ownership.

Finbar Chief Executive Officer Ronald Chan noted that the transfer was made possible through long-standing collaboration with West Coast Eggs. He added that the site, which already holds DA approval, allows Finbar to initiate development without delays tied to planning or zoning processes.

The company is currently monitoring changes in both off-the-plan and established apartment markets in the area, which have seen pricing and demand growth in recent quarters.

Finbar stated that it plans to begin broader project marketing efforts in the coming half year. The company sees the project contributing positively to its earnings profile in FY2028, depending on the progress of construction and sales.

Finbar Group Limited is a Western Australian property development company listed on the ASX, focused on apartment, commercial, and mixed-use developments across the state. The company is based in Perth and operates across several metropolitan precincts, including the CBD, inner suburbs, and strategic urban infill zones.

As of 9 July 2025, Finbar shares were trading 2.10% lower at AUD 0.70 per share.