· Momentum Wealth has settled on the acquisition of a $2.9 million site in Dalkeith
· Development aims to address supply gap for premium downsizer product
· Plans are underway for a boutique development featuring six luxury townhouses
Local developer Momentum Wealth has settled on the acquisition of a $2.9 million development site in Dalkeith for its latest residential development syndicate.
Situated at 64 Gallop Road and within walking distance of the Dalkeith Village Shopping Centre, the site benefits from the recent rezoning under the revised Nedlands Town Planning Scheme, which saw less than 25% of dwellings in the area rezoned from low to medium/high density.
Plans are now underway to transform the 1103 sqm site into a boutique townhouse development, which is set to feature a total of six luxury dwellings.
Philip Anderson, Manager of Development at Momentum Wealth, said the acquisition forms part of the developer’s strategy to target the “missing middle” of townhouse product in premium, established locations where such housing options are in limited supply.
“We identified a prime opportunity following the recent rezoning under the City of Nedlands to target this gap in the market and capture pent-up demand from buyers who want the option to downsize without compromising on quality or location.”
“This density has not previously been seen in the Dalkeith area and remains relatively limited, so the combination of high buyer demand and low levels of competing stock creates ideal conditions for the project,” he said.
The developer assumed a similar strategy with their recent acquisition of the iconic Yelo site in Trigg, with the planned boutique apartment development also addressing a gap in the local market for high-quality but downsized options.
The latest acquisition forms one of two recent purchases in the Dalkeith area by Momentum Wealth’s development team, who recently contracted another development site on Adelma Road which is due to settle in the first quarter of 2020.
