Momentum builds in western suburbs

Momentum Wealth has purchased a riverfront site along Mounts Bay Road, where it plans to develop eight boutique apartments.

The Crawley site is located opposite the iconic blue boatshed, which has become a popular photo hotspot in recent years.

Momentum acquired the site for an undisclosed sum and said it planned to develop a luxury apartment building featuring eight apartments.

Once granted approval, the group said it would be the first apartment development in the area in more than a decade.

“This development fills a gap in the local market and continues our strategy of building high-end exclusive projects in Perth’s premier suburbs,” Momentum Wealth head of development Philip 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 transaction is the latest in what has been a shopping spree for the developer as of late.

The group’s development team has recently purchased five properties in Perth’s western suburbs, including two development sites in Dalkeith, as well as land in Shenton Park and Trigg.