Syndicate given green light for construction
Momentum Wealth’s Silk Oak residential syndicate received development approval recently, paving the way for construction to begin on the 38-apartment project early next year.
The Silk Oak Fund was launched in early 2016 before raising $6.4 million from a group of investors for the residential development syndicate.
Following the raising, Momentum Wealth’s research and residential syndicate teams identified and acquired 3 adjoining sites in Highgate in an off-market transaction.
A key feature of the sites is their superior location, being just 2km north of the Perth CBD, 400 metres to the local train station, 400m to the popular Beaufort street café strip and opposite a lush park.
To complete design of the project we engaged Scanlan Architects, who have designed some of Perth’s most recognisable buildings including the Indiana Teahouse in Cottesloe.
Given the existing supply of ‘box-on-box’ style apartments on main arterial roads in the area, the design brief was for a premium market product that’s suitable for young professionals and downsizers.
The end result was a modern design that reflected the character of the existing streetscape and included green vegetation and mature trees, while the spacious 1, 2 and 3 bedroom apartments have been formed to a high specification, many with double car bays.
Following the 38-apartment project being granted development approval last month, construction is expected to begin early next year and take approximately 12 months to complete.
Returns for investors are expected to be circa 15%-20% per annum with payments to occur in mid-2019.
To register your interest in Momentum Wealth’s residential development syndicates, simply complete the below form and we’ll be in contact when our next fund opens for investment.