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FINBAR GROUP LIMITED — Interim / Quarterly Report 2021
Feb 23, 2021
64943_rns_2021-02-23_ebd658b1-6359-41bd-9063-9a60ff46ede0.pdf
Interim / Quarterly Report
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INTERIM RESULTS & PROJECT UPDATE FOR THE FINANCIAL PERIOD ENDED 31[ST] DECEMBER 2020 UPDATED: 24 February 2021
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24 February 2021 HY21 Results Summary & Development Update
Financials
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3
NPAT
-
➢ $4.02m net profit for half year ended 31 December 2020.
-
➢ 25th consecutive year of profitability.
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40
35
30
25
20
15
10
5
0
-5
Full Year Half Year
$m
FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 1H21
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Source: Finbar Group Ltd
- ➢ Fully franked interim dividend of $0.02 per share.
➢ 114.5c in dividends to date.
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18
16
14
12
10
Retained
8
Final
6
Interim
4
2
0
Cents per share
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Source: Finbar Group Ltd
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Cash
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-
➢ Half year end cash position of $31.5m.
-
➢ Significant WIP capital works underway with commencement of Civic Heart and AT238 commencing March 2021.
-
➢ No debt on residual stock with settlement cashflow continuing to fund new WIP.
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$80
$70
$60
$50
$40
$30
$20
$10
$0
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 1H21
Half Year Full Year
Source: Finbar Group Ltd
$m
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Debt & Pre-Sales Coverage
-
➢ $9.2m in finance facilities were repaid in 1HFY21 with repayment of the Riverena facility.
-
➢ No debt on residual stock.
-
➢ All debt remains project specific.
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$450
$400
$350
$300
$250 $9.2m
$200
$150
$100
$50
$-
Riverena Dianella Civic Heart
Presales ~Project Revenue Facility Drawn Facility Limit
$m
REPAID
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Source: Finbar Group Ltd
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Sources of Earnings 1H21
Aire
89%
Developments Sabina 1% Riverena
20%
27%
Source of
➢ Core business of property Source of Development Earnings
development contributed to 89% of All Earnings Vue
earnings. 9%
REVA
1%
➢ Sabina, Riverena, Palmyra, Motive &
Concerto were the largest Concerto
Motive
contributors. 7% 10%
11%
Rental
One Kennedy
➢ 7% contribution from rental income. Palmyra
7%
Other 14%
4%
Source of
Fairlanes
Rental Earnings
33%
Pelago Other
66% 1%
Source: Finbar Group Ltd
8
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Segment Contributions 1H21
Development
Rental Property Interest Revaluations Admin Profit
Activity
10.00
9.00
8.00
7.00
6.00
$m 5.00
4.00
3.00
2.00
1.00
0.00
Positive Impact
Negative Impact
Source: Finbar Group Ltd
9
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Review of Operations
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10
FAIRLANES
181 Adelaide Terrace East Perth
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-
➢ 7,582 sqm office building.
-
➢ Leased to AECOM, Ventia, APP, Finbar’s corporate office, smaller office and food tenancies.
-
➢ Wholly owned.
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PELAGO
23 & 26 Sharpe Avenue Karratha
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-
➢ 101 apartments & 21 commercial lots.
-
➢ Leased to small business & predominantly corporate residential tenants.
-
➢ Wholly owned.
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Source: Finbar Group Ltd
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Investment Property Leasing
100
7,000
80 6,000
➢ Pelago Residential 100% leased.
➢ Pelago Commercial 61% leased. 5,000
60
➢ Fairlanes Commercial 91% leased. 4,000
40 3,000
89%
Source of Developments 2,000
All Earnings
20
7%
1,000
Rental
Source of
0
Other Rental Earnings 0
4% Pelago Residential Fairlanes Pelago
Fairlanes
33%
Leased Vacant Leased Vacant
Pelago Other Source: Finbar Group Ltd
66% 1%
12
Residential Apartments
Commercial Sqm NLA
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-
➢ Loan to Value Ratio across investment property is 34%.
-
➢ Facilities with Australian Major Banks (CBA & NAB).
-
➢ Capacity for increased gearing at Pelago.
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$120
Equity
$100
Debt
$80
$60
$40
34% LVR
$20
$0
Fairlanes Pelago Total
$m
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Source: Finbar Group Ltd
Current Sales & Market Activity
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14
➢ Rapid increase in post COVID Perth shutdown in April 2020 to sales levels not seen in six years.
Total Sales and Value
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80 $80
74
70 $70
Month to date
60 $60
52
48 48
50 $50
45 45
44
40
38
40 37 37 $40
34
33 33
32 32
31 31
29 29 29 29 29
30 26 26 27 27 26 $30
25
24
23 23
22 22 22
21
20 20 20 20
19 19 19
18 18
20 16 17 17 16 17 17 16 17 $20
15 15
14 13 14 13 Month
12 12
11
10 10 to Date
8
10 $10
5
4
0 $-
TOTAL SALES NO. TOTAL VALUE $mil Source: Finbar Group Ltd
$m
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- ➢ Investors slow to return to market at ~30% of current sales, ~50% in a normalised market.
All Developments – Investor Sales vs Owner Occupier
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140 90.0%
80.0%
120
70.0%
100
60.0%
80
50.0%
40.0%
60
30.0%
40
20.0%
20
10.0%
0 0.0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Sales Investor Sales Owner Sales % Proportion of Investors Sales
% Proportion of Owner Sales Expon. (% Proportion of Investors Sales) Expon. (% Proportion of Owner Sales)
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Source: Finbar Group Ltd
- ➢ Foreign Buyer Surcharge Tax continues to be major impediment on foreign sales activity.
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Calendar Year
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120
100
98
93
80
75
65
60
47
45
40
35
27 26
22
20
9 Introduction by WA State Govt – Foreign Buyers Surcharge Tax (7%) on 1 Jan 2019
3
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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- ➢ Active selldown of both off-the-plan and completed stock. New project launches in pipeline in 2H.
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$700
$575
$600
$500
$400
$300
$200
$108
$100
22
$-
$m
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Total Amount of Unsold Off-the-Plan Stock
Total Amount of Unsold Completed Stock
COMMERCIAL
Source: Finbar Group Ltd
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➢ Presale book now growing strongly with $158m in current off-the-plan presales.
$600
SUBI STRAND & TOCCATA
$500 ARBOR NORTH
MOTIVE
NORWOOD
AURELIA & AIRE
$400 UNISON ON TENTH
CONCERTO
LINQ REVA PALMYRA
$300 SABINA
VUE
ONE KENNEDY
$200
RIVERENA
$158 m
IN ACCRUED
$100
PRE-SALES
$0
$m
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$m PROJECT COMPLLETION & SETTLEMENTS
Source: Finbar Group Ltd
Individual Project Update
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20
Completed Projects with Stock For Sale
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21
189 Adelaide Terrace, East Perth
Project: Concerto consists of 226 studio, one, two, and three bedroom apartments plus one commercial unit. Concerto is East Perth’s tallest residential building at 38 storeys. Average price of $824,868.
-
Status: Construction Completed
-
Ownership: 50% JV with land owner
-
Value: ~$186 million
-
Completed: FY17
▪ Sales:
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Value ($m)
Under
Contract
$0.6m
Settled
$185m
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Lots Under Contract 1 For Sale For Sale 1 $0.8m Settled 225
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172 Railway Parade, West Leederville
Project: Motive consists of 143 one, and two bedroom apartments. Average price of $509,409.
-
Status: Construction Completed
-
Ownership: 50% JV with land owner
-
Value: ~$73.3 million
-
Completed: FY17
-
Sales:
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Value ($m)
Under
Contract
$0.5m
For Sale
$0.0m
Settled
$73.3m
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Lots
Under
Contract
For Sale 0
1
Settled
142
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659 Murray Street, West Perth
Project: Aire West Perth consists of 178 one, two, and three bedroom apartments plus 64 serviced apartments and two ground floor commercial units. Average price of $492,636.
-
Status: Construction Completed
-
Ownership: 50% JV through SPV
-
Value: ~$103.1 million
-
Completion: FY18
-
Sales:
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Value ($m)
Under Contract
$0.3 m
Settled
$103.1 m
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Lots
Under
Contract 1
Settled
243
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1 Harper Terrace, South Perth
Project: Aurelia consists of 118 one, two, and three bedroom apartments plus six commercial units and 14 office spaces. Average residential price of $967,868.
▪ Status: Construction Completed
-
Ownership: Remaining office stock, 100% owned through subsidiary (previously 50/50 JV)
-
Value: ~$129.8 million
-
Completion: FY18
-
Sales:
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Value ($m) Lots
Commercial
Commercial For
For Sale or
Sale or Lease 7
Lease $7.30 m
Leased 0
Under Contract
$0 m Settled
$122.40 m Settled
131
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5 Harper Terrace, South Perth
Project: Reva consists of 41 luxury one, two, and three bedroom apartments plus 18 commercial lots of ground floor retail and level one office space. Average residential price of $795,942.
-
Status: Construction Completed
-
Ownership: Wholly owned through subsidiary
-
Value: ~$48.1 million
-
Completion: FY19
▪ Sales:
Lots Commercial For Sale or Lease 12
Value ($m)
Commercial For Sale or Lease $11.6 m
Under Contract $- Settled $36.5 m
Leased 1 Settled 46
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63 Adelaide Terrace, East Perth
Project: Vue Tower consists of 245 one, two, and three bedroom apartments plus three commercial units and two office units. Average residential price of $572,256.
-
Status: Construction Completed
-
Ownership: 50% JV with land owner
-
Value: ~$144.0 million
-
Completed: FY19
-
Sales:
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Value ($m)
For Sale
Under Contract
$11.5 m
$5.8 m
Settled $126.5 m
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Lots
For Sale
Under 18
Contract 10
Settled
222
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49 McGregor Road, Palmyra
Project: Palmyra Apartments East consists of 128 one, two, and three bedroom apartments. Average price of $386,312.
-
Status: Construction Completed
-
Ownership: 50% JV with land owner
-
Value: ~$49.9 million
▪ Completed: FY20
- Sales:
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Value ($m)
For Sale
$3.1 m
Under
Contract
$9.3 m
Settled
$37.4 m
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Lots
Under For Sale
Contract 22 7
Settled
99
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908 Canning Highway, Applecross
Project: Sabina is the first stage of the Canning Highway development and consists of 164 one, two, and three bedroom apartments plus three ground floor commercial units. Average residential price of $711,218.
-
Status: Construction Completed
-
Ownership: 50% JV with landowner
-
Value: ~$116.2 million
-
Completed: FY20
-
Sales:
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Lots
For Sale
45
Settled
Under
104
Contract 15
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Value ($m)
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For Sale
$31.5 m
Under
Settled
Contract
$73.2 m
$11.5 m
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1 Kennedy Street, Maylands
Project: One Kennedy is the second stage to the Unison on Tenth development. One Kennedy consists of 120 one, two, and three bedroom apartments plus three commercial units. Average residential price of $406,931.
-
Status: Construction Completed
-
Ownership: 50% JV with landowner
-
Value: ~$53.2 million
-
Completed: FY20
-
Sales:
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Value ($m)
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Lots
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For Sale
49 Settled
63
Under Contract
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For Sale
Settled
$22.8 m
$25.3 m
Under
Contract
$5.1 m
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*Indicative lots and project values only
11
5 Rowe Avenue, Rivervale
Project: Riverena Apartments consists of 125 one, two, and three bedroom apartments. Average price of $418,588.
-
Status: Construction Completed
-
Ownership: 50% JV through SPV
-
Value: ~$52.0 million
-
Completion: FY21
-
Sales:
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Value ($m)
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Lots
For Sale
44 Settled
64
Under
Contract 17
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For Sale
$18.1 m
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$18.1 m
Settled
$26.7 m
Under
Contract
$7.1 m
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Projects Under Construction
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32
36 Chester Avenue, Dianella
Project: Dianella Apartments consists of 128 one, two, and three bedroom apartments. Average price of $457,645.
-
Status: Under Construction
-
Ownership: 100% through wholly owned subsidiary
-
Value: ~$62.5 million
-
Est. Completion: FY22
-
Sales:
Lots
Value ($m)
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Under
Contract 45
For Sale 83
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Under
Contract
$21 m
For Sale
$42 m
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99 Mill Point Road & 3 Mends Street, South Perth
Project: Civic Heart will consist of 309 one, two, three bedroom apartments plus 26 commercial lots. Average residential price $974,214.
-
Status: Under Construction
-
Ownership: 50% JV with landowner
-
Value: ~$406 million
-
Est. Completion: FY23
-
Sales:
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Value ($m)
Under
Contract
$91 m
For Sale
$315 m
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Lots
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Under Contract
91
For Sale 244
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99 Mill Point Road & 3 Mends Street, South Perth
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----- Start of picture text -----
Value ($m)
Under Contract
$75 m
For Sale
$301 m
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Lots
Under Contract
73
For Sale 236
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Mill Point Road, Mends Street, and Labouchere Road, South Perth
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Value ($m)
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Value ($m) Lots
For Sale 8
Under Contract
18
For Sale
Under Contract
$14 m
$16 m
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238 Adelaide Terrace, Perth
Project: AT238 Perth consists of 119 studios, one, two, and three bedroom apartments plus two ground floor commercial lots over 31 levels.
-
Status: In Marketing. Construction commencing March 2021
-
Ownership: 50% JV with landowner
-
Value: ~$90 million
-
Est. Completion: FY22
-
Sales:
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Value ($m) Lots
Under
Contract 12
Under Contract
8.5 m
For Sale
82.4 m For Sale 109
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Development Approval Received
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38
910 Canning Highway & 3 Kintail Road, Applecross
Project: The Canning Highway Applecross developments remaining two stages will consist of approximately 269 one, two, three bedroom apartments, plus six ground floor commercial units.
-
Status: Development Approval received
-
Ownership: 50% JV with landowner
-
Value: ~$246.1 million
▪ Est. Completion: TBC
- Sales:
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Value ($m) Lots
Future Future
Release Release
275
$246 m
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*Indicative lots and project values only
31 Rowe Avenue, Rivervale
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-
Project: The Point will consist of approximately 167 one, two, and three bedroom apartments plus nine ground floor commercial units. To be constructed on a 4,000m[2] development site situated at the main entrance to the Springs precinct.
-
Status: Development Approval received
-
Ownership: 50% JV with landowner
-
Value: ~$83 million
-
Est. Completion: TBC
-
Sales:
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Value ($m)
Future
Release
$83 m
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Lots
Future
Release
176
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*Indicative lots and project values only
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47 McGregor Road, Palmyra
-
Project: Palmyra Apartments West will consist of approximately 130 one, two, and three bedroom apartments.
-
Status: Development Approval received
-
Ownership: 50% JV with landowner
-
Value: ~$52 million
-
Est. Completion: TBC
-
Sales:
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Value ($m) Lots
Future Future
Release Release
$52 m 130
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*Indicative lots and project values only
Projects In Planning and Design
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42
101 Hay Street, East Perth
Project: The heritage listed site was formerly known as the Chemistry Centre and is located at Lot 101 Hay Street East Perth.
-
332 one, two, and three bedroom apartments
-
13 ground floor commercial lots (1,328sqm)
-
5,335 sqm land
-
Status: In planning and design
-
Ownership: 50% JV through SPV
-
Value: ~$200 million
-
Est. Completion: TBC
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Value ($m)
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Lots
Future
Release
332 lots
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----- Start of picture text -----
Future
Release
$200m
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Indicative lots and project values only
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Project: 239 Great Eastern Highway has an approved DA for 194 one, and two bedroom apartments plus 154sqm of ground floor commercial
-
Status: Development Approval received
-
Ownership: Wholly owned through subsidiary
-
Value: ~$75 million
-
Est. Completion: TBC
-
Sales:
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Value ($m)
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Lots
Future
Release
196
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----- Start of picture text -----
Future
Release
$75 m
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*Indicative lots and project values only
Cnr Rowe Avenue and Homelea Court, Rivervale
Project: 2 Homelea Court will consist of approximately 185 apartments within a 10 level building. The site is comprised of four vacant blocks totaling 3,770 sqm.
-
Status: In planning
-
Ownership: Wholly owned through subsidiary
-
Value: ~$83 million
-
Est. Completion: TBC
-
Sales:
Value ($m)
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----- Start of picture text -----
Lots
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----- Start of picture text -----
Future
Release
$83 m
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----- Start of picture text -----
Future
Release
185
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*Indicative lots and project values only
32 Riversdale Road, Rivervale
Project: Lot 1000 comprises 4,069 sqm of absolute waterfront land with expansive views of the Swan River, Stadium Precinct, and Perth CBD. Will consist of approximately 150 residential apartments.
-
Status: In planning and design
-
Ownership: 50% JV with land owner
-
Value: ~$65 million
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Est. Completion: TBC
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Sales:
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Value ($m)
Future
Release
$65 m
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Lots
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Future
Release
150
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*Indicative lots and project values only
2 Hawksburn Road, Rivervale
Project: Lot 888 comprises of 2370 sqm of land within The Springs, Rivervale Precinct. For future development.
-
Status: Office Development Approval received
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Ownership: 50% JV through SPV
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Value: ~$40 million
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Est. Completion: TBC
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Sales:
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Value ($m)
Future
Release
$40 m
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Lots
Future
Release
TBC
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Indicative lots and project values only
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187 Adelaide Terrace, East Perth
Project: Harmony comprises the former ABC Radio Studios heritage building with a GFA of 3,711sqm over three levels. The Company continues to explore nonresidential development outcomes.
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Status: In planning and design
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Ownership: Wholly owned through subsidiary
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Value: TBC
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Est. Completion: TBC
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*Indicative lots and project values only
450 400 350 300 250 200 150 100 50 0
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Remaining Stock Value $m Sold Stock Value $m
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Source: Finbar Group Ltd
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10000
2134
8661
9000
8000
-
6527 units developed to date.
7000 6527
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Additional 2106 units in secured pipeline.
6000
-
Multi year pipeline already secured.
5000
4000
3000
2000
1000
0
96 97 98 99 00 01 03 04 05 07 08 09 10 11 12 13 14 15 16 17 18 19 20 22
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Source: Finbar Group Ltd
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➢ 302 properties now under management.
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➢ Property Management for any Finbar developed property.
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➢ Fixed rate management fees with free inclusions.
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➢ Streamlined management for our investor buyers - targeting more sales.
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➢ New marketing opportunities to tenants seeking transition from tenant to ownership.
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➢ No rent role acquisitions, organic growth from marketing to Finbar customers only.
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➢ Prepares systems & brand for future opportunities like build to rent.
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350
300
250
200
150
100
50
0
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Number of Residential Properties Under Management
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FINBAR PROPERTY EXTERNAL LANDLORDS
Source: Finbar Group Ltd
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Highlights
Growing pre-sales book and Multi-year pipeline of
Strong, stable, enthusiastic JV
Recovering Market WIP gives profit growth residential property
partners seeking new
confidence secured
opportunities
Unstressed balance sheet
Significant WIP commenced West Australians returning to
and strong cashflows from
Strong WA State economy with Civic Heart and AT238 the State in COVID free
selldown of ungeared
in March 21 environment
completed stock
52
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Some of the information contained in this presentation may contain forward-looking revenue, timeline, and general statements that are subject to various risks, uncertainties, and changes. Forward-looking statements include those containing such words as ‘estimate’, ‘should’, ‘may’, ‘forecast’, ‘anticipates’, ‘expects’, ‘plans’, ‘approximately’, ‘circa’, or similar expressions. Finbar’s actual results, performance, approvals, project composition, values, sales, or achievements could be significantly different from the results or objectives expressed in, anticipated or implied by, those forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which refer to circumstances, estimates, and projections only as at the date of this release and which are subjected to changes as a result of changing market conditions, construction timelines, amended project planning, and revisions to company strategies.
The information contained in this presentation has been obtained from sources believed to be reliable. To the maximum extent permitted by law Finbar, its offices, employees, agents and advisors do not make any warranty express or implied, as the accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability.
This Presentation is not an offer or an invitation to acquire Finbar securities and is not a product disclosure document or a prospectus under Australia law. It is for information purposes only.