Finbar was granted approval this month from the Metro Central Development Assessment Panel to build 347 apartments and four commercial lots on the site bound by Tenth Avenue, Kennedy Street and Railway Parade.
The approved development known as Unison would be built in two stages comprising 167 apartments plus two commercial lots on Tenth Avenue and 180 apartments plus two commercial lots on Kennedy Street.
Unison would be two 10-storey buildings offering one, two and three-bedroom apartments starting from $375,000 with the four ground-level commercial tenancies fronting Railway Parade.
City of Bayswater Mayor Sylvan Albert said as the population grew, demand for housing increased and higher density living was the alternative to continue urban sprawl.
‘It means that as children of local families grow up they will be able to access a wide range of housing choices within the area they live,’ he said.
‘Higher density living backed by high quality urban design provides for a sustainable future.
‘Local residents will have the option to shop locally, access great leisure opportunities and lifestyle choices.
‘The development is consistent with vision and scheme provisions for the site and is appropriate given its location.’
Finbar managing director Darren Pateman said the company would work to develop Unison with joint venture partner Ventrade Australia which bought the land for $16.7 million in August.
It is expected the two stages would be completed in 2016-17.