Momentum Wealth successfully settles iconic Trigg site in latest syndicate
Local developer Momentum Wealth has settled on the acquisition of a popular coastal site in Trigg following the successful raising for its newest property development syndicate.
Currently occupied by the iconic Yelo Café, the 684sqm site at 331 West Coast Drive is zoned 'Local Centre', with plans now underway for a low rise apartment development incorporating a commercial tenancy on the ground floor and a limited number of luxury apartments above.
Philip Anderson, Manager of Development at Momentum Wealth, said the high level of investor interest received during the raising serves as an indication of growing demand for premium boutique projects in key locations across Perth.
"Investors are looking for high quality projects and investment opportunities that stand out, which is resulting in growing demand for well-located, boutique projects that align with the appeal of the local market," he said.
The recent acquisition plays a key role in the developer's strategy to address rising demand for more diverse housing choice in highly sought-after locations.
"Momentum Wealth's research and acquisition team recognised a growing need for high-quality boutique apartment products targeting downsizer markets in high-demand locations such as Trigg where such housing choice is in sparse supply," he said.
With early plans for development now in progress, preserving the iconic nature of the site remains a key focus for Momentum Wealth.
"We recognise that the Yelo Café has become somewhat of a local Institution in Trigg, and our aim throughout this development is to ensure we remain loyal to the context of the site."
"We will be working closely with the community as we progress with the development, and would be keen to see the return of Yelo or a similar high-quality ground floor tenant upon completion of the project," Mr Anderson said.
The company has also observed a continuing interest in residential property development syndicates amongst aspiring developers who recognise the benefits of joining forces to access high-potential projects.
"Such projects give investors the opportunity to gain access to excellent development opportunities in prime locations that may not be accessible through direct investment due to the funds and management required in acquiring and developing the projects."
"In today's changing market, investors also recognise the importance of partnering with developers who understand the dynamics of the local market and are able to deliver products that align with and capture this demand," Mr Anderson said.
Whilst the project currently remains in early planning stages, news of the development has already been well received amongst aspiring buyers, with the developers reporting a number of early enquiries.
