Total
0
Shares
Artist impression of the development. Source: Axiom
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Axiom (AXI) expects its three-hectare development site in Butler, Western Australia to be settled by the end of the month
  • Settlement is scheduled for June 24, and Axiom will fund the approximately $8.5 million land purchase from existing cash reserves
  • The project is 60 per cent pre-committed with construction to start in July
  • Construction is expected to be completed in June 2022
  • Axiom shares are unchanged, trading at 6.9 cents per share at 10.457am AEST.

Axiom’s (AXI) three-hectare development site in Butler, Western Australia is planned to be settled by the end of the month.

Settlement is expected on June 24 and Axiom will fund the approximately $8.5 million land purchase from existing cash reserves.

Axiom Properties agreed to purchase the site, which sits alongside the existing Woolworths Shopping Centre and adjacent to the Butler Train Station, in July 2019.

The company has now satisfied all outstanding conditions and will proceed with settlement of the property with Woolworth’s development arm, Fabcot.

Axiom said the site, which is approved for development, has received interest from national retailers, with the project currently 60 per cent pre-committed with construction expected to start in July.

The large format retail site would include a large format retail centre with about 13,300 square metres of gross lettable space divided into 19 independent tenancies, as well as 400 parking spaces.

“With the underlying strength in the WA economy fuelled by a thriving resources industry, combined with an exceptionally resilient housing market, we are excited to be commencing construction on site shortly and bring this project to fruition,” Axiom managing director Ben Laurance said.

“We are appreciative of the support we have received from all stakeholders, and particularly from the large format sector who have embraced this development from the start.”

Construction is expected to be completed in June 2022.

Axiom shares were unchanged, trading at 6.9 cents per share at 10.457am AEST.

AXI by the numbers
More From The Market Herald

" Westbridge completes flagship property & acquisition

Westbridge Funds Management’s Westbridge Diversified Fund No.4 has assumed possession of its first asset in Victoria, for a purchase price of $15.36 million.
Newmark Property (ASX:NPR) - Joint Managing Directors, Simon T Morris (left) and Chris Langford (right)

" Newmark Property REIT (ASX:NPR) debuts on the ASX

Newmark Property REIT (NPR) has debuted on the ASX after raising $128.3 million in an initial public offering (IPO).

" BWP Trust (ASX:BWP) appoints Danielle Carter to board

BWP Trust (BWP) has appointed Danielle Carter as Non-Executive External Director.

" Ingenia Communities (ASX:INA) purchases portfolios for $441m

Ingenia Communities Group (INA) has acquired additional lifestyle community portfolios for $441 million.