Momentum Wealth successfully wraps up first development syndicate
Last week we celebrated the final settlement of our Carine Rise development, also known as the Silver Bark Fund. This development syndicate was the first of its kind for Momentum Wealth and its completion is a significant occasion for our investors, project partners and our wider team.
The syndicate was created to take advantage of a growing demand for apartment living in the Carine area, as changes to planning regulations allowed many sites previously only suitable for villa and townhouses to be developed into small groups of apartments.
Despite encountering some obstacles through pre-sales and construction, including one of the builders going into administration and a number of pre-sales falling over, the syndicate was able to deliver a return on investment of 39.83%, with some further distributions to come in the coming months.
Not only is this result outstanding for this syndicate, but it was achieved through some of the most challenging property market conditions Perth has seen in the last 30 years.
Momentum Wealth is proud of this outstanding result and would like to once again thank our investors, our project partners and our team for their support and dedication to deliver such a fantastic outcome on this project.