Announcement PDF A N N U A L R E P O RT 2 0 1 5 better lifestyles developing Finbar Group Limited 1 CONTENTS The Year at a Glance 4 Key Financial Results 5 Chairman’s Report 6 Managing Director’s Report 8 Finbar Overview 10 Key Achievements 12 Developing Better Lifestyles 15 Development Overview 16 Finbar’s Regional Projects 26 Finbar’s Investment Properties 27 Financial Report 28 CORPORATE DETAILS Directors Principal Registered Office Share Registry Mr John Chan (Executive Chairman) Finbar Group Limited Level 6 181 Adelaide Terrace EAST PERTH WA 6004 Computershare Investor Services Pty Ltd Level 11 172 St Georges Terrace PERTH WA 6000 Telephone: +61 8 9323 2000 Mr Darren Pateman (Managing Director) Mr John Boon Heng Cheak Mr Kee Kong Loh Mr Lee Verios Company Secretary Mr Anthony Hewett PO Box 3380 EAST PERTH WA 6892 Telephone: +61 8 6211 3300 Facsimile: +61 8 9221 8833 Email: info@finbar.com.au Website: www.finbar.com.au www.finbar.com.au Auditors KPMG 235 St Georges Terrace PERTH WA 6000 ABN 97 009 113 473 2 Annual Report 2015 Finbar Group Limited 3 Source of Development Earnings 5% 1% AU 3% Pelago 52 Mill Point Road 26% Spring View Towers 32% Toccata Earnings Per Share $36.5m 1% Adagio $0.16 $0.15 $31m 32% Subi Strand $0.12 $25.9m Source of Rental Earnings 41% Pelago 29% Gateway 2% Other Since 1996, Finbar has developed $289.2 m $394.9 m $377.5 m $303 m $238.7 m $0.02 $3m 28% Fairlanes FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 We have delivered 19 consecutive years Earnings per share (EPS) were down Enterprise value is calculated as market 30% in FY15. capitalisation plus debt, minority interest, of profitability. minus total cash and cash equivalents. 4,433 apartments, 867 apartments currently under construction, and 1350 apartments with development with an additional 05 08 13 14 15 $0.04 07 $0.10 04 $0.10 03 $0.06 02 $0.06 01 $0.030 00 $0.020 99 $0.010 98 $0.010 97 $0.010 95 96 $0.030 Strand. $0.030 62 times into Subi $0.00 Finbar’s first development would fit $0.00 apartments in Inner Perth. $0.030 29% of the total $0.010 Since 2000, Finbar has developed $0.095 $407.7 million in 2015 that will contribute to the in excess of $2 billion project pipeline. to $0.09 Finbar has reached record presales figures, equating $0.075 Final Dividend Interim Dividend $0.085 Fully Franked Dividend Per Year approval. $0.07 OTHER FACTS AND FIGURES $12m $203 m 6% Management 2% Fees Interest $0.11 $0.09 $19m 8% Rental $0.14 $0.13 $0.13 $28m $24m $24m Enterprise Value (EV) $234 m 84% Developments Net Profit After Tax $151.7 m Source of All Earnings KEY FINANCIAL RESULTS $171.6 m THE YEAR AT A GLANCE 06 09 10 11 12 Finbar has rewarded shareholders with a fully franked dividend for the past Finbar averaged over $1.04 million worth of sales 19 years, the last 10 years by way of an interim and a final. per day during FY2015. 4 Annual Report 2015 Finbar Group Limited 5 Over the past two decades we have completed 4,433 units in Western Australia, putting us very much at the forefront of our industry. CHAIRMAN’S REPORT Dear Shareholder As we celebrate our 20th year as a residential property developer in Western Australia, I am delighted to present your company’s 2015 Annual Report. We have had a successful year, completing a number of major projects and seeing several projects enter the construction phase or receive development approval. As a result, the growth is set to continue as we build on our enviable reputation as one of Perth’s most successful residential property developers. Finbar Group’s net profit after tax for the 12 months to 30 June 2015 was $25.9m million. While the Board regards this as a respectable result, there is no escaping the fact that – as previously flagged to the market – it is down slightly on last year’s profit. This can largely be attributed to timing issues, reflecting the fact that as our projects get larger and more complex, the time lapse until the receipt of sales revenue tends to increase. However, I am very pleased to report that we can maintain a dividend of 10 cents per share, to be paid to shareholders in September. Very importantly, we are able to pay this dividend while retaining our strong cash position, ensuring we are well capitalised to fund future growth. Your company remains in an excellent position with a strong balance sheet and a conservative approach to financing our projects. Twenty years of success is something that everyone involved in the Finbar story can take some measure of pride in. Over the past two decades we have completed 4,433 units in Western Australia, putting us very much at the forefront of our industry. Thousands of people are now enjoying the amenities of the properties we have brought to market. As we move forward, one of the opportunities we have identified is to increase our level of repeat sales. Approximately five per cent of Finbar apartments are currently purchased by repeat buyers but we believe we can significantly improve this percentage in future due to our strong brand reputation and buyer experience when purchasing a Finbar property. Therefore, we will shortly be launching the Finbar Loyalty Club which is an exclusive incentives program designed to reward our past customers and shareholders. This will offer a range of benefits for repeat customers and shareholders as well as those who refer friends and family to us. We are also developing a member showroom at the entrance to our corporate office which will give us an extra edge in our marketing endeavours. A significant factor in our success to date has been the partnerships that we have formed to jointly fund our projects. While we are continuing to work closely with our highly-valued Western Australian partners, we are also continuing to attract interest from overseas companies who wish to partner with Finbar as a result of our strong brand and enviable track record. In the 2015 financial year we have secured Perth Upper China as our latest partner. Perth Upper China is based in China, and therefore will be a valuable partner for us as we seek further assistance to market projects in Western Australia to potential Chinese buyers. This new partnership in China complements our other existing international partnerships in Singapore, Indonesia, and Malaysia. Shareholders can be assured that the Board and indeed the entire company is committed to delivering value through maintaining our relationships with our quality venture partners, as part of our overall strategy to achieve continued growth. In closing, on behalf of the Board I wish to place on my record our appreciation of the endeavours of our Managing Director, his management team and indeed the entire Finbar staff for their hard work over the past 12 months. This has enabled us to build on our strong reputation and continue to exceed the expectations of our customers. We look forward to many more decades of growth to come. John Chan Executive Chairman 11 September 2015 Subi Strand Apartments between Roydhouse Street & Hood Street in Subiaco, was completed in May 2015. 6 Annual Report 2015 Finbar Group Limited 7 Finbar is in an enviable position with a record project pipeline in excess of $2 billion dollars, of which $962 million has already received development approval and $595 million is currently under construction. MANAGING DIRECTOR’S REPORT Civic Heart on the corner of Mill Point Road and Labouchere Road in South Perth launched September 2015. I am delighted to report that we achieved another solid year of profitability for the financial year ended 30 June 2015 (FY15) which was supported by a record cash position of approximately $69 million and the largest level of pre-sale contracts in our history. The timing of the construction and completion cycle in FY15 provided us with less assistance to the reported net profit than in previous years. As our projects become larger, the time gap for the receipt of sales revenue increases meaning that sales revenue may not always fall neatly inside a reporting period and provide a smooth level of earnings growth. However, Finbar’s record cash position and strong support from our financiers ensure we are well capitalised to fund our current pipeline of large scale projects under construction while continuing to assess a steady dealflow of new acquisition opportunities. Finbar continued to meet Western Australia’s growing demand for quality apartment developments in FY15 with the completion of Spring View Towers, Subi Strand and Toccata projects on time and on budget, representing a total end sales value of approximately $350.3 million. Each one of these projects has stood on its own merits by achieving a strong profit margin and contributing to the Company’s overall profitability. 8 Annual Report 2015 As part of our conservative financial approach, the outstanding debt on all three projects was retired upon settlement to support the next cycle of acquisitions and project commencements underpinning our future growth. It is one of the most exciting projects in our company’s history given the design elements, the scale and size of the development and the importance of what we are providing to the community of South Perth. During the second half of FY15, we commenced on the Linq, Unison on Tenth and Aurelia projects to join the Norwood, Arbor North and Concerto projects also under construction. Finbar is still achieving steady sales progress across all projects in the marketing phase, despite softer local market conditions. In addition to the support we are receiving from local buyers, we are also recording a growing interest from overseas buyers in the Perth market as apartments remain their preferred choice of accommodation. These eight projects combined account for 1,422 apartments and approximately 15,000m2 of commercial space which are forecast to contribute significantly to Finbar’s earnings over the next few years. Again, the scale and size of these projects illustrates the new levels we are now committing ourselves to, following the significant increase in demand for more sophisticated inner city apartment living in Perth in recent years and the need to meet this long term supply trend. Since September 2014, we have received eight development approvals for the Civic Heart, Aurelia, Linq, Motive, Sunago, Aire West Perth, Lot 1014, and Port Hedland (first stage). Springs projects which have a combined project end value of more than $1.06 billion. The stand out development approval during FY15 was the Civic Heart project in South Perth which has an end value of $414.4 million. This project represents our highest value single stage development to date with a marketing launch anticipated to commence by the time you receive this report, construction expected in early 2016 and final delivery of the project forecast mid-2018. On the back of reaching a 10 ten year exclusivity agreement in February 2014 with Hanssen Pty Ltd, we have continued to forge a stronger and closer relationship with our long standing primary building contractor. Hanssen has invested further capital in equipment exclusively designed for use in Finbar projects during FY15 which has further increased our competitive cost advantage and established the type of alliance that would be very difficult and expensive to replicate elsewhere. During FY15, Hanssen has become a significant shareholder in Finbar which aligns the interests of our primary contractor to the group’s long term financial success and secures sufficient resources for us to develop our increasing project pipeline over the medium to long term. Finbar is in an enviable position with a record $2.321 billion project pipeline of which $961.8 million has already received development approval and $595 million is currently under construction. With our strong balance sheet, pipeline of projects under construction and record pre-sale contracts levels, we remain extremely well placed to meet our medium and long term growth ambitions. The Western Australian Government’s in-fill policy continues to be aligned with Finbar’s core strategy of providing long term sustainable residential apartment development in an effort to slowdown the rapid rate of urban sprawl occurring across Perth’s outer suburbs. Apartments currently account for approximately 20 per cent of the overall Perth accommodation market which is low relative to other capital cities in Australia, which are nearer to the 50 per cent level. This difference signifies the opportunity for the Perth apartment sector to grow its market share in the years ahead and close the gap with other capital cities while confirming our long held strategy of focusing solely on the apartment market in Western Australia. We are very proud of our unblemished track record for completing every one of our projects on time and on budget. This reinforces our reputation as Western Australia’s most trusted and leading apartment developer and justifies why we are still the brand of choice for apartment buyers in this State. Our record cash position of approximately $69 million at the end of FY15 was founded on the cash generative nature of our projects completed during the year and places us in the privileged position of being able to recycle our capital into large scale projects while maintaining a strong balance sheet and enhancing our earnings growth in the next few years. In December 2014, we activated an on-market share buy-back scheme to enable the Company to acquire up to a maximum of 12 million shares within a 12 month period. Given the high level of cash reserves and strong cashflow generation from project settlements, the Board considered it prudent to activate this buyback scheme as an effective method of returning capital to shareholders where the share price is trading at a significant discount to the intrinsic value of the Company. We are pleased to report that a total of 950,000 shares were bought back and cancelled between December 2014 and 30 June 2015, although we emphasise that the buy-back scheme does not impact Finbar’s ongoing capital requirements for existing projects nor does it affect our financial capacity to identify and secure new project growth opportunities. On a final note, I would sincerely like to thank all our staff, building contractors, service providers, consultants, and joint venture partners who have contributed to yet another financially successful year for the group. Darren Pateman Managing Director 11 September 2015 In terms of our FY16 profit guidance, we consider that there will be an improvement in the net profit compared to FY15 based on the current sales environment and projects due for completion by 30 June 2016. Finbar Group Limited 9 FINBAR OVERVIEW Defined by its strong population growth, high standard of living and employment opportunities, WA offers Finbar the opportunity to create projects which combine the convenience of work location and lifestyle. Backed by a strong balance sheet and healthy cashflows, the Company has a multitude of projects in the pipeline within the inner city area of Perth and regions creating a more enticing, vibrant and unique place to live. Finbar has a collaborative approach through valued Finbar is one of Perth’s most successful and agile lifestyle property developers leading the way in the relationships to leverage growth while sharing project risk and profitability. development of medium to high density residential apartments and commercial property in Western Australia. 1995 ϐϐ Lists on ASX as Property Development Company operating out of 2 bedroom Como apartment ϐϐ Commence 1st development project, Seville on the Point, South Perth 1997 ϐϐ Complete 1st development ϐϐ Maiden net profit ($0.7m) 2001 ϐϐ Relocate to Bluewater building, South Perth (6 staff) ϐϐ Maiden dividend (1c per share) 2006 2010 ϐϐ $100m market capitalisation ϐϐ $20m net profit milestone ϐϐ Complete company’s first Pilbara project ϐϐ Finish Westralian, first luxury project on Terrace Road ϐϐ Secure first Pilbara project, Pelago West, Karratha ϐϐ 3,000 apartment milestone ϐϐ 2,000 apartment milestone 2012 ϐϐ Fairlanes awarded Winner UDIA High Density Development ϐϐ Relocate to Fairlanes Building (13 staff) 2015 2014 ϐϐ Launched WA’s tallest residential building, Concerto ϐϐ Secured single largest project to date, Civic Triangle ϐϐ Record $36.5m after tax profit ϐϐ St Marks awarded Winner UDIA High Density Development and Urban Renewal ϐϐ Record launch at Aurelia, with $66 million sales in the 1st month ϐϐ Completed Finbar’s largest development to date, Subi Strand ϐϐ Spring View Towers awarded Winner UDIA High Density Development Our People Our Investment Properties Our Business Our Projects Our Commitment Our Future ϐϐ A team of 19 full time staff based in East Perth ϐϐ Include the Fairlanes and Pelago buildings leased to reputable and proven businesses and individuals ϐϐ Retains a strong brand and a highly regarded reputation in WA ϐϐ Represent some of Perth’s most prestigious and well-appointed lifestyle apartments ϐϐ Our reputation and reliability is built on successfully delivering 100% of our projects as promised ϐϐ Our vision is to remain WA’s leading medium to high density apartment developer ϐϐ Remain committed to creating progressive and innovative designs which represent value for money ϐϐ Our commitment to our customers, shareholders, State and local government and the environment has seen Finbar remain WA’s largest and most trusted apartment developer ϐϐ Continue to focus development efforts in and around the Perth CBD ϐϐ 1 full time in Karatha ϐϐ Include a management team with strong leadership skills and excellent track record ϐϐ Are led by experienced and long serving management focusing on decisions that benefit the company for the long term. 10 Annual Report 2015 ϐϐ Provide consistent annual revenues from investments ϐϐ Ensure these additional revenue streams contribute to and smooth annual earnings ϐϐ Represent the development and retention of Finbar built assets ϐϐ Operates on a low cost base providing attractive profit margins and shareholder returns ϐϐ Maintains exemplary relationships with suppliers and stakeholders ϐϐ Manages a pipeline of projects to ensure economies of scale and future growth ϐϐ Offer a successful fusion of residential, office and public space ϐϐ Focus on reducing the impact on the local environment through high density apartment living and innovative construction techniques ϐϐ Finbar remains dedicated to the WA apartment market and believes in continuing what we know best in order to serve our customers and shareholders better through continuous organic growth ϐϐ Sustain and enhance the quality of inner city living for current and future generations ϐϐ Enhance and develop relationships with local government and our venture partners Finbar Group Limited 11 Completions and Settlements KEY ACHIEVEMENTS Finbar continued to meet the increasing demand for quality apartment developments in Perth during FY15 with the completion of Subi Strand, Toccata and Spring View Towers projects. All three projects produced strong profit margins and largely contributed to Finbar’s FY15 net profit of $25.9 million. A Year of Consolidation Subi Strand is Finbar’s largest single stage development to date and reached practical completion within 17 months. This achievement highlights the Company’s maturity as a developer to deliver increasingly large scale projects within tight timeframes and add further credibility to our reputation as Western Australia’s most trusted and leading apartment developer. Finbar has enjoyed a respectable financial year with the completion of three key projects amounting to $350.3 million, the successful marketing launch of five projects with pre-sale contracts totalling $316.9 million, and the development approval of eight projects valued at $1.06 billion. All of these projects combined are anticipated to contribute significantly to Finbar’s earnings for FY16 and beyond. Located in East Perth, Toccata is a luxury residential apartment development that was completed on time and budget in June 2015. It represents stage two of the redevelopment of the former ABC Site with the final stage, Concerto, now under construction. Spring View Towers was completed in October 2014 and represents the first development to be completed within the Springs precinct in Rivervale. The Springs precinct is a landmark metropolitan activity centre delivered by Landcorp and the City of Belmont as part of the State Government’s Directions 2031 and Beyond policy. Spring View Towers was awarded the City of Belmont’s 2014 Opportunity Award in recognition of the high quality development and its level of amenities that will benefit the future residents and City of Belmont, and 2015 UDIA awards for excellence high density development. Finbar is now committed to an increased size and scale of project as demand continues to rise for the inner city apartment lifestyle in Perth. As Western Australia’s most trusted and leading apartment developer, Finbar specialises in meeting this rising demand by locating prime sites in inner city areas, obtaining development approval and then completing each project on time and on budget to an exemplary standard with a view to deliver long term shareholder value. The FY15 period is an excellent example of how Finbar executed this strategy through the successful completion and launch of five projects on sites previously acquired by the Company or it’s venture partners. Subi Strand Toccata Spring View Towers ϐϐ $164.9 million project end value. ϐϐ $85.5 million project end value. ϐϐ $99.9 million projected end value. ϐϐ 245 residential apartments with 19 ground floor commercial lots. ϐϐ 45 residential apartments with 2 ground floor commercial lot. ϐϐ 188 residential apartments across two towers. ϐϐ Contributed to FY15 earnings. ϐϐ Contributed to FY15 earnings. ϐϐ Contributed to FY15 earnings. Aurelia Linq ϐϐ Refer page 14. ϐϐ Refer page 14. Motive Unison on Tenth Concerto ϐϐ $81.8 million project end value. ϐϐ Refer page 14. ϐϐ Refer page 14. Launches FY15 has been a strong year of project construction and completions. ϐϐ 143 residential apartments over 2 towers ϐϐ Forecast to contribute to FY17 earnings. Growth Pipeline of Projects Since Finbar entered the property development sector in 1995, the Company has completed 59 projects with a total end value of $2.5 billion. The current project pipeline in excess of $2 billion dollars underpins Finbar’s medium to long term earnings growth which is further supported by a record cash position and a conservative approach towards financing projects. 12 Annual Report 2015 Finbar Group Limited 13 KEY ACHIEVEMENTS Construction Commencements Successful marketing launches during FY15 occurred at the Concerto, Linq, Unison on Tenth, Aurelia and Motive projects, thereby allowing four of these projects to join the Norwood and Arbor North projects under construction. As a result of this intensive marketing phase, Finbar increased its total pre-sale contracts value to $407.7 million recording the largest pre-sales level in the Company’s history with a 23 per cent increase on the previous financial year. developing better lifestyles A total of eight development approvals were received between September 2014 and August 2015 including the Civic Heart, Aurelia, Lot 1014, Linq, Motive, Sunago, Aire West Perth and Port Hedland (first stage) projects. These approvals have a combined project end value of approximately $1.06 billion. With an anticipated completion date of mid-2019, the Civic Heart project in South Perth has an end value of $414.4 million and will represent Finbar’s highest value single stage development to date. This is one of the most challenging and exciting projects in the Company’s history in terms of the development’s design, size, scale and importance to the local community of South Perth. Finbar’s venture partners also acquired two sites for redevelopment in East Perth and South Perth during FY15 which have a combined project value of $210 million and comprise more than 250 apartments. Both marketing launches in these two popular inner city areas are anticipated to commence in 2016 once development approval has taken place. Under Construction Arbor North Norwood Aurelia ϐϐ $75.6 million project end value. ϐϐ $36.2 million projected end value. ϐϐ $134.6 million project end value. ϐϐ 59 residential apartments with 4 commercial lots. ϐϐ 118 residential apartments with 20 commercial lots. ϐϐ Forecast to contribute to FY16 earnings. ϐϐ Forecast to contribute to FY17 earnings. ϐϐ 154 residential apartments. ϐϐ Forecast to contribute to FY16 earnings. The Perth Apartment Market As Western Australia’s Largest And Most Trusted Apartment Developer, Finbar Is Committed To Developing Better Lifestyles. A research report compiled by the Master Builders Association (MBA) and Y Research in 2015 highlighted that 20 per cent of new dwellings in Perth would be apartments by 2020, which is double the level recorded five years ago. Despite an increase in supply of apartments coming onto the market in Perth since the beginning of 2014, we are witnessing an adjustment phase to meet the significant underlying demand for the product over the next few years. This increase in supply offers suitable downsizing opportunities to owner occupiers as well as affordable projects for first home buyers. Concerto Linq Unison on Tenth ϐϐ $199 million project end value. ϐϐ $66.2 million project end value. ϐϐ $83.4 million projected end value. ϐϐ 226 residential apartments with 1 ground floor commercial lot. ϐϐ 112 residential apartments with 4 commercial lots. ϐϐ 167 residential apartments with 2 commercial lots. ϐϐ Forecast to contribute to FY17 earnings. ϐϐ Forecast to contribute to FY16 earnings. ϐϐ Forecast to contribute to FY16 earnings. 14 Annual Report 2015 Perth now reflects a maturing apartment market which is supported by an increasing acceptance towards higherdensity living, a greater diversity of product on offer and a growing shift in sentiment towards apartment lifestyle. Apartment sales in Perth still represent a low percentage of total dwellings compared to other capital cities in Australia but this gap is expected to narrow significantly over the next five to ten years. The Directions 2031 report published by the Western Australian government in 2010 sets up a planning framework to prepare for the Perth metropolitan region population reaching 2.2 million by 2031 and 3.5 million by 2050. This region currently stretches for more than 150 kilometres along the coastline and signifies that Perth has become a sprawling city where greenfield development accounts for almost three quarters of all new development. The report highlights that this urban sprawl is not sustainable which creates a need for a more consolidated metropolitan area through greater infill and residential density serviced by a more efficient use of existing infrastructure. Finbar’s strategy is firmly aligned to the Western Australian Government’s in-fill policy of providing long term sustainable residential apartment development to slowdown urban sprawl in the outer suburbs while maintaining the Company’s unblemished track record for completing each project on time and budget to an exemplary standard. Finbar Group Limited 15 Completed Projects DEVELOPMENT OVERVIEW Metropolitan Projects S p r i n g V i e w To w e r s To c c a t a Subi Strand 3 Homelea Court, Rivervale 88 Terrace Road, East Perth 28 Hood Street, Subiaco Project Company: Entity Type: Rowe Avenue Pty Ltd Equity Accounted Investee Finbar’s Ultimate Interest: 50% Project Company: Entity Type: Fully Owned Subsidiary Entity Type: Finbar’s Ultimate Interest: 50% Marketing Commenced: March 2014 Marketing Commenced: Construction Completion: October 2014 Construction Completion: June 2015 Construction Completion: 188 Total Lots: 47 Roydhouse Street Subiaco Pty Ltd Equity Accounted Investee Finbar’s Ultimate Interest: February 2013 Total Lots: 50% November 2013 May 2015 264 Approximate Total Project Sales Value: $99.9 m Approximate Total Project Sales Value: $85.5 m Approximate Total Project Sales Value: $164.9 m Value of Sales to Date: $95.7 m Value of Sales to Date: $73.3 m Value of Sales to Date: $135.9 m Lots Sold: 39 (83%) Lots Sold: 224 (84.8%) Lots Unsold: 8 (17%) Lots Unsold: 40 (15.2%) Lots Sold: Lots Unsold: 180 (95.7%) 8 (4.3%) Spring View Towers is the jewel in the crown of the new State Government redevelopment precinct Springs Rivervale. The 188 apartment complex of 1, 2 and 3 bedroom apartments comprises an impressive 16-storey tower and 9-storey building. Construction was completed in October 2014 and was the first finished project in the Springs Rivervale location. Annual Report 2015 88 Terrace Road Pty Ltd Marketing Commenced: Total Lots: 16 Project Company: Toccata Apartments, located on Terrace Road in East Perth is the second stage of the Symphony City redevelopment. The development was completed in June 2015, and comprises 45 luxury apartments plus two commercial lots over 21 storeys with an approximate end value of $85.5 million. Information current as at 11 September 2015. Situated within the award winning Subi Centro precinct, Subi Strand is a mixed use development comprising two buildings and a landscaped pedestrian mall, creating a vibrant connection between Hood Street and Roydhouse Street. Subi Strand was completed in May 2015 and delivered 245 residential ap