The development will see 183 new apartments built into the space, bringing with it more than 200 new residents.
The City of Fremantle called it an important part of its $1 billion investment pipeline.
Match managing director Lloyd Clark said the conversion of the 90-year-old building would be one of the largest residential heritage renewals of its kind in WA.
�Heirloom is an extremely large site and the space is akin to some three-standard apartment developments,� he said.
�Match had initially opted to release the project in stages, but interest was such that the company made all 183 apartments available, which has resulted in the sale of almost 130 apartments.
�Heirloom is unquestionably a significant project to Fremantle, both from a social and economic perspective, and development will introduce around 250 new residents to the area and create a cafe/bar activity centre to bring life into this area of Fremantle.�
Despite asking the City of Fremantle�s help in March to reach the presale target, the milestone was reached without the City�s financial input.
Acting Fremantle Mayor Josh Wilson said the City welcomed Match and Sirona Capital�s work on the project.
�In recent years Fremantle council has implemented some carefully designed planning changes to generate new life and growth in parts of the city that have remained stagnant for too long,� he said.
�That hard work has laid the foundation for a more socially and economically vibrant Fremantle by delivering a lift in the number of people who will live, work, shop and socialise in the heart of our city.
�Heirloom is a project that is particularly close to our heart because it shows how sensitively restoring heritage buildings for modern use can have significant commercial and community benefits.�