- Development was only released last month
- 80% of apartments have been sold so far
- Local area has witnessed fluctuating asking property prices
Following the release of the Freeman Residences project last month, developer ADC_ has announced construction will be brought forward to October 2021 following soaring demand since launching last month.
80% of the development, which will be Western Australia’s first combined residential and short-stay development, has been snapped up by both investors and owner-occupiers.
“Of those buyers, a large percentage are people returning to WA from over east or overseas wanting to secure property for their return,” explained Freeman Residences sales agent Tom House
“There’s also been huge interest from savvy local investors who realise the appeal of the location to the short stay tourism market.”
Tom House, Freeman Residences sales agent
The development will include 46 apartments 200 metres from Leighton Beach, just north of Fremantle. Owners of the apartments have the option to either live in their apartment, rent out long term or rent out short term using MadeComfy’s property management service.
Adam Zorzi, ADC_ director, echoed Mr House’s comments, believing the apartments fill the unique market gap.
“We knew Freeman was a bold new concept but were confident it would appeal to savvy investors,” said Mr Zorzi.
“Attracted by the combination of high-quality design and finishes, its close proximity to the beach and nearby small bar and restaurant precincts, abundance of amenity and flexibility and affordability, buyers and investors have been very quick to secure apartments.
“The response has completely outperformed all our expectations confirming the market’s hunger for highly versatile investment product.”
Adam Zorzi, ADC_ director
Along with strong demand for the apartments themselves, there has been a strong interest in the ground floor retail space, with Mr Zorzi confirming a yoga and wellness studio will be operating in the vicinity.
Once construction commences in October, it is expected to be completed by December 2022.