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Property developer Finbar Group Limited (ASX:FRI) is set to acquire the former Port Hedland Hospital site for $5.95 million from WA land agency Landcorp.

 

The Perth based company says the 3.15 hectare plot in the Pilbara will be developed with residential apartments. 

 

A scheme amendment was approved in 2014 which allowed for 518 apartments and 163 short stay apartments with 2,300 square metres of commercial space.

 

The company has plans for a number of further stages expanding the project and forecasts a final value of around $390 million. 

 

Managing Director Darren Pateman says the current economic landscape in Port Hedland presents a low competition opportunity.

 

Finbar reported a net profit of $11.35 million in the first half of the 2015 financial year.