South Perth apartments sold

A local investor has purchased an entire apartment complex in South Perth from an entity linked to the building’s developer for $9.5 million.

Ascot’s Luis Filipe De Brito Batahala bought the seven-storey apartment building at 75 Mill Point Road, via Vaulken Pty Ltd, from Redrover Corporation Pty Ltd, RP data records show.

The Australian Securities and Investments Commission lists Bluerock Projects director Stuart Hawley as a director of Redrover Corporation Pty Ltd, and Richard Hawley, of Cottesloe, as the sole shareholder.

Cottesloe-based apartment developer Bluerock Projects delivered the Mill Point Road project, known as Regatta Residence, in 2012.

The building comprises nine apartments and a swimming pool, and each dwelling is rented.

Cygnet West manager of residential projects Kaylie Morphew brokered the deal.

Ms Morphew said there had been a significant increase in interest for properties in the area as Finbar Group’s nearby Civic Heart development neared completion. 

“As demand for completed property continues to increase, we’re seeing strong interest in apartments within proximity to the CBD,” she said.

“We’ve had over 200 enquiries in the area in recent months.  

“We expect South Perth to continue to be a popular choice for owner-occupiers and investors due to high growth and strong rental yields.

“The ground floor commercial precinct of Civic Heart is set to change the face of South Perth with a unique and vibrant retail experience yet to be seen in the area.”

Redrover Corporation bought the 75 Mill Point Road property in 2002 for $1.42 million.

It is understood an office building was demolished to make way for the apartments.

It is unclear what the purchaser intends to do with the asset.