Momentum Wealth are pleased to announce we have raised $4.5 million from investors in our newest syndicate for a four-storey, 36 apartment residential development in a vibrant area of East Victoria Park.
We have now completed our due diligence process and will settle the purchase of the 3,038m¬? site at 6-8 Basinghall Street, East Victoria Park in late September, continuing our strategy of buying boutique development sites in areas of high demand and limited supply.
Momentum Wealth’s managing director, Damian Collins, said the high interest received shows sustained demand for quality boutique projects in key locations.
“We’ve been seeing continued and increasing demand for premium boutique projects that have products well aligned to the requirements and appeal of the local market.
“Investors are looking for projects and investment opportunities that stand out, so developers who are guided by prudent research to inform their strategy will do better,” Mr Collins said.
Nigel Freshwater, head of sales & investments in WA for selling agent, JLL, said the site attracted substantial interest from developers.
“The strategic location of the site on the doorstep to the Perth CBD combined with the high quality, boutique nature of the approved development led to significant interest in the property during the Expressions of Interest campaign,” he said.
The site sits just next to the suburb’s main shopping precinct, The Park Centre, and adjacent to the Albany Highway Caf?© Strip, providing an abundance of amenities including quick access to the city, key landmarks and Curtin university.
Mr Collins also highlighted a growing interest in property syndicates amongst Momentum Wealth investors.
“Especially in changing markets, investors are recognising the importance of partnering with developers who really understand the dynamics of the local markets to determine the feasibility of the project, and they are also increasingly attracted by the added mitigating factor of not having to invest all or a majority of their funds in one possibly less quality project,” he said.
Momentum Wealth aims to keep up with market sentiment by ramping up its syndicated offerings, but Mr Collins maintains it will be driven by opportunity, not demand.
“Interest can only take you so far – results are a much better benchmark and driver for continued success, so we’ll remain stringent with our criteria,” he said.