Sterling Property has confirmed settlement of the $16,500,000 + GST off-market sale of a 4,093sqm development site spanning 18, 20 and 22 Bowman Street and 19 Labouchere Road, South Perth.
The transaction, negotiated by Managing Director Brian Neo and Senior Partner Jack Bradshaw on behalf of the seller, the Royal Australian Air Force Association (WA) (RAAFA), with contracts exchanged in December 2025, reflects a rate of $4,031 per sqm. It consolidates four separate titles into one of the largest single landholdings to change hands in the precinct this year.
The site was acquired by a wholly owned Finbar entity through an off-market private sale, with settlement now complete. As part of the transaction, RAAFA will leaseback the property and continue to occupy the buildings, with Sterling Property appointed to manage the property on behalf Finbar through to development.
Finbar has flagged the site for a targeted market launch in mid-2028, with an anticipated end value of approximately $350 million, lifting the group’s development pipeline to over $1.6 billion.
Positioned directly across Labouchere Road from Finbar’s successfully completed Civic Heart project, the site sits 300m from Perth Zoo, 100m from the Mends Street shopping and dining precinct, and 400m from the South Perth ferry terminal and Swan River foreshore.
“This result reflects the depth of demand from established developers for scale sites in South Perth,” Mr Neo said. “A landholding of this size, directly opposite an existing successful project, was always going to attract strong interest, and we were able to secure that outcome for our client without the site ever reaching the open market.”
Mr Bradshaw said the sale underscored Sterling’s ability to connect vendors directly with the right buyer. “Matching this site with a developer who already understands the immediate precinct gave our client certainty and a clean, efficient process from off-market introduction through to settlement,” he said.
To discuss opportunities within the South Perth or surrounding areas, contact Brian Neo or Jack Bradshaw.
