Sterling Property has brokered the sale of 236 Railway Parade, West Leederville, to ASX-listed apartment developer Finbar Group Limited (ASX: FRI) for $15,000,000 plus GST.
The 4,997sqm Mixed Use-zoned site, opposite the West Leederville train station, is proposed for two residential towers delivering approximately 240 apartments and ground-floor commercial space, with an estimated end value of approximately $232 million.
The site transacted with vacant possession, allowing Finbar to commence design work immediately. The West Leederville Precinct Structure Plan has been adopted by the Western Australian Planning Commission, providing the planning certainty to support delivery of a large-scale project.
The dual-access landholding offers 3,906sqm of net lettable area across an existing warehouse, office and mezzanine configuration, with rear parking accessed from Cambridge Street.
Located 2 kilometres from the Perth CBD and directly opposite the West Leederville train station, the property sits adjacent to the West Leederville Shopping Centre and within easy reach of Leederville, Subiaco, and a well-established hospitality precinct.
St John of God Hospital is 700 metres away, with Bob Hawke College, Perth Modern School, and Perth Children’s Hospital all within three kilometres.
Finbar CEO Ronald Chan said the acquisition builds on the company’s prior success in the precinct.
“We have previously enjoyed great success in developing in the West Leederville area given its excellent existing amenity and close proximity to the CBD, Leederville, Subiaco, and the West Leederville train station,” Mr Chan said. ”
Sterling Property Managing Director Brian Neo said demand for well-located development sites in Perth’s western suburbs remains exceptionally strong.
“Sites of this scale and calibre, directly opposite a train station and within two kilometres of the CBD, are rarely offered to the market. When they are, they attract serious capital,” Mr Neo said.
“West Leederville has the amenity, the transport infrastructure, and the planning trajectory to support a project of this scale. Securing Finbar as the buyer reflects exactly the kind of outcome this precinct deserves.”
The transaction reflects sustained buyer demand for well-located, Mixed Use-zoned development sites across Perth’s western suburbs, where limited supply and improving planning conditions continue to underpin strong competition for quality landholdings.
Sterling Property is also marketing the adjoining West Leederville Portfolio, a 1,970sqm corner development site directly opposite the train station with 18-storey potential, offered for sale by Offers Invited closing 2:00pm (AWST) 23 April 2026.
To discuss 236 Railway Parade or the adjoining West Leederville Portfolio, contact Brian Neo on 0411 868 486, Jack Bradshaw on 0439 095 336, or Simon Brady on 0407 486 401.
