Western Australian-based developer, Momentum Wealth, has acquired a landmark development site on the riverfront in Crawley, as they look to capitalise on investor interest in the apartment market within the western suburbs.
Situated along the riverfront on 20 Mounts Bay Road, opposite the world-famous Blue Boat Shed, Momentum Wealth said the site offers strong appeal to buyers as it will be the first development in the area in over 10 years.
Momentum Wealth is planning to develop eight boutique apartments which will benefit from large outdoor living areas that capture the stunning river vista.
“The western suburbs apartment market has experienced strong demand in recent times, and this well-positioned development will provide modern and sophisticated living for residents,” the developer said on Tuesday.
Philip Anderson, Head of Development at Momentum Wealth, commented that the acquisition will provide a landmark development within the tightly held enclave of Crawley.
“This development fills a gap in the local market and continues our strategy of building high-end exclusive projects in Perth’s premier suburbs,” Mr Anderson said.
“That pocket of Crawley is an established apartment market with an older, more affluent owner-occupier demographic which makes it perfectly suited to an iconic development of this nature.”
The latest acquisition forms one of five recent purchases in Perth’s exclusive western suburbs by Momentum Wealth’s development team, who recently contracted two development sites in Dalkeith, as well as Shenton Park and Trigg.