White Gum Valley apartment block sells

A three-storey apartment building in White Gum Valley has sold to a group of local investors for $4.02 million.

123 WGV Pty Ltd, jointly owned by Tyler Wood, Halden McDonald and Scott Hall, purchased 123 Watkins Street from Blair and Lani Kenworthy.

Mr Wood runs property investment advisory Urban Collectives, based in Bayswater.

Ray White Commercial WA’s Brett Wilkins and Stephen Harrison brokered the deal.

The 12 apartments are fully-leased and there is an approved subdivision on the site for four new residential lots.

Mr Harrison said the 2,630 square metre property presented an attractive opportunity for investors and developers.

“The buyer will capitalise on the property’s potential upside by refurbishing the temporarily vacant apartments and subdividing the available rear lots,” he said.

“The property is located within an established suburb and is three kilometres from the Fremantle town centre.”