Momentum Wealth successfully settles iconic Trigg site in latest syndicate
Momentum Wealth is delighted to announce we have settled on the acquisition of 331 West Coast Drive in Trigg following the successful raising for our newest property development syndicate.
Currently occupied by the iconic Yelo Café, the 684sqm site is zoned ‘Local Centre’, with plans underway for a mixed-use development incorporating a commercial tenancy on the ground floor and a limited number of luxury apartments above.
The high level of investor interest received during the raising has served as an indication of growing demand for premium boutique projects in key locations across Perth, as investors continue looking for high-quality projects and investment opportunities that stand out and align with the appeal of the local market.
We have also observed increasing interest in residential property development syndicates amongst investors as they continue to be attracted by the benefits of being able to access high-potential projects and reduce risk.
The recent acquisition plays a key role in our strategy to address rising demand for more diverse housing choice in highly sought-after locations, in particularly boutique apartment products targeting downsizer markets where such housing options are in sparse supply.
A strong holding income from the existing tenancy and the prime coastal location of the site also served as key points of interest during the acquisition process.
News of the development has already resulted in a number of early enquiries from potential buyers, continuing to reinforce the appeal and viability of such projects from both a buyer and development perspective.