Finbar has detailed its plans to restore South Perth Police Station, to be reincarnated as a restaurant or cafe as part of its $300 million Civic Heart development.
Finbar managing director Darren Pateman said the old Post Office and police station restorations are part of the heritage precinct alongside The Windsor Hotel, Old Mill Theatre and Heritage House Cultural Centre.
The police station restoration will include an alfresco eating area on Mends Street.
The post office will continue to operate during the development and will be restored after Australia Post’s lease expires.
Mr Pateman said Finbar had worked closely with the Heritage Council and the City of South Perth to respect and retain the historical elements of the buildings and was looking forward to the “intersection of old and new once again becoming a focal point for the local South Perth community”.
Finbar’s revised Civic Heart plans include two residential towers of 22 and 39 storeys, an e-bike booking service, dedicated bike storage for all residents, two fully furnished studio apartments that can be booked by residents for their visitors and a dedicated dog washing station.
There is also a 25m north-facing pool, gym and wellness centre and a rooftop viewing deck with two private dining rooms and an espresso lounge with city views.
The City of South Perth is being offered a ground floor tenancy at a peppercorn rent for 10 years to help transform and activate the space.
The ground floor plane is to include extensive landscaping to the corner of Mill Point and Labouchere roads, a new tree canopy, communal alfresco space and public artworks by Stuart Green.
Finbar on Tuesday reported a first-half net profit after tax of $1.89 million, up from last year’s $482,000 loss.
However, a substantial volume of second-half settlements prompted directors to declare they were “cautiously optimistic” Finbar would produce a net profit of $15 millon to $17 million for the full year. That was on the basis that revenue for units sold at its Vue Tower and Palmyra developments will fall into this financial year.
Directors declared an interim dividend of 3¢ a share, in line with last year.