Australia-based apartment developer Finbar Group plans to build a new $300m mixed-use tower at South Perth Civic Triangle site.
The 7,206m² South Perth site was sold by JLL on behalf of the City of South Perth for $27.31m to a joint venture firm led by Finbar.
City of South Perth mayor Sue Doherty said: "The sale of the Civic Triangle site is an exciting outcome for the residents of South Perth.
"Proceeds of the sale will be used to fund long-planned and important city projects, including the $16m Manning Community Hub, which is due to commence construction in 2015."
JLL Western Australia sales and investment director Tom Nattrass said: "Finbar Group's proposed development would feature a landmark 30-storey, oval-shaped residential tower that is expected to become Perth's tallest building outside the CBD and the most significant development project undertaken on the South Perth peninsula."
Located near the Windsor Hotel, the building will feature 295 apartments, five levels of underground parking, 162 bicycle bays, a retail centre including a 2,500m² supermarket at ground and first floor, stand-alone retail tenancies, commercial offices, medical consulting rooms, gymnasium and childcare centre.
Finbar managing director Darren Pateman said: "We have acquired what will become Finbar's most exciting individual single-stage project to date and our partners and entire Finbar team are very enthusiastic about creating South Perth's new civic heart.
"With a much-needed retail, food and supermarket precinct nestled below, we believe residents will have one of the most attractive apartment locations and spectacular views in WA."
Finbar will submit a development application by the end of the year and the construction will be completed before mid 2018.
Image: An artist's impression of the proposed residential tower at South Perth Civic Triangle site. Photo: courtesy of Finbar Group Limited.