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The Mt Barker Glenlea Estate. Source: Connext Urban Projects
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  • Axiom Properties (AXI) has reached a conditional agreement to sell approximately 10 hectares of land in its Mt Barker Glenlea Estate for $5.5 million
  • Privately owned company Living Choice will purchase the land to develop an over 55’s lifestyle village
  • Settlement of the contract is conditional on both parties agreeing to an infrastructure agreement and receiving development approval
  • BankSA has granted financial approval to commence the next stage of construction at Glenlea
  • Stage 1c includes 14 additional, larger allotments, 11 of which have already been contracted
  • The civil contract for Stage 1c has been awarded to South Coast Sand & Civil
  • Axiom shares are in the grey, trading at 7.5 cents each

Axiom Properties (AXI) and its joint venture partner have reached a conditional agreement to sell approximately 10 hectares of land within its residential Glenlea Estate in South Australia for $5.5 million.

The proposed sale to privately owned company Living Choice will see the land developed as an over 55’s lifestyle village.

Axiom anticipates the development will offer new product and amenity to existing residents throughout the estate’s preserved open space, natural woodlands, reserves, walking trails and play areas.

Settlement of the contract is conditional on both parties signing an infrastructure agreement and receiving development approval, which is expected towards the end of 2021.

On top of the prospective land sale to Living Choice, Axiom and its joint venture partner still have more than 250 allotments to construct in the Glenlea Estate.

Financier BankSA has approved works to commence on the next phase of construction, Stage 1c, which will incorporate fourteen larger allotments.

Eleven of these allotments have already been contracted, with Axiom expecting further interest now that construction has commenced.

Axiom shares are in the grey on Thursday, trading at 7.5 cents at 2:28 pm AEDT.

AXI by the numbers
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