Key Highlights

  • Finbar Group (ASX:FRI) has received development approval for a two-tower project at 236 Railway Parade, West Leederville, comprising 244 residential apartments and 210 sqm of commercial space.
  • The project's estimated end value has increased from $230 million to $265 million, with pre-sales scheduled to begin in the second half of calendar 2026.
  • Construction is targeted for completion in the second half of calendar 2029, with the development expected to contribute to Finbar's Earnings in FY2029/FY2030, subject to timing and market conditions.
  • The project forms part of Finbar's five-year development pipeline, which the company has stated is valued at approximately $1.8 billion.

Finbar Group Limited (ASX:FRI) closed at $0.72 on 13 August 2026, up 1.41%, or $0.01. The Western Australian apartment developer announced that it had received Development Approval for its site at 236 Railway Parade, West Leederville.

The approved project, named Leeder Residences, will comprise two residential towers of 18 and 19 storeys. The development is planned to deliver 244 apartments across studio, one-bedroom, two-bedroom and three-bedroom configurations, alongside 210 square metres of ground-floor commercial space fronting Railway Parade.

The approval follows the completion of site settlement and the lodgement of the development application previously announced in April 2026.

Project End Value Revised to $265 Million

Finbar has revised the estimated end value of the Railway Parade project from $230 million to $265 million. The approximately 4,657-square-metre site is positioned within the Rosslyn Quarter precinct and sits directly opposite West Leederville train station.

The project is approximately two kilometres from Perth CBD and is adjacent to West Leederville Shopping Centre. The surrounding precinct includes restaurants, cafes and small bars, while the development will incorporate a new extended pedestrian and vehicle laneway on Furniss Lane connecting Railway Parade with Cambridge Street.

The West Leederville Precinct Structure Plan was adopted in February 2026, providing an additional planning framework for development within the area.

Leeder Residences Includes 244 Apartments

The approved residential component will offer a range of apartment formats intended to cover different household requirements. Planned amenities include two rooftop decks, a 25-metre heated swimming pool, gymnasium, sauna and steam room.

The project will also include a games room, residents' lounge, BBQ cabanas and a dedicated pet exercise area. The ground-floor commercial component will face Railway Parade, adding a non-residential element to the development.

The combination of residential apartments, commercial space and communal facilities forms the approved scope for the project following the development approval.

Pre-Sales Scheduled for Second Half of 2026

Finbar expects to launch pre-sales for the Railway Parade project in the second half of calendar 2026. Construction completion is currently targeted for the second half of calendar 2029.

The company said the project is anticipated to contribute to earnings in FY2029/FY2030, subject to delivery timing and market conditions. The timing means the financial contribution from the development is expected to occur several years after the current approval milestone.

Finbar described the project as part of its five-year, $1.8 billion development pipeline. The company is also progressing other developments, including Riverbank and Romeo.

Other Projects Provide Additional Development Activity

Finbar reported that its Riverbank project is 97% sold, with construction underway. Its Romeo development in Applecross had achieved 59% off-the-plan sales, with construction anticipated to commence in September.

These projects sit alongside Railway Parade within the company's broader development portfolio. The progression of multiple projects creates a pipeline spanning current construction, pre-sales and future development stages.

Finbar said it has more than 30 years of experience in Western Australian apartment development and has delivered 80 developments comprising more than 7,600 apartments, with an aggregate value stated by the company at approximately $4.6 billion.

Conclusion

Finbar Group's development approval for Leeder Residences represents a further progression of its Railway Parade project in West Leederville. The approved scheme comprises 244 apartments and 210 square metres of commercial space, while the estimated end value has been revised to $265 million from $230 million. With pre-sales scheduled for the second half of 2026 and completion targeted for the second half of 2029, the project is positioned as a later-stage contributor to Finbar's development pipeline and is expected to contribute to earnings in FY2029/FY2030, subject to delivery timing and market conditions.