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- Axiom Properties (AXI) has announced it has executed unconditional contracts with the Lester Group for the sale of its Butler Central Homemaker Centre in WA
- Lester Group will pay Axiom $8.5 million as well as reimburse the company’s costs of around $7.6 million, with total purchase price is expected to be circa $48 million
- The company’s Butler Central Homemaker Centre consists of a large format retail precinct located adjacent to a Woolworths supermarket and the Butler train station
- Construction of the project began in August this year with construction company Adco Constructions, who are on track for project completion in June 2022
- Axiom Properties shares are up 1.67 per cent to trade at 6.1 cents at 3:00 AEDT
Axiom Properties (AXI) has announced it has executed unconditional contracts with the Lester Group for the sale of its Butler Central Homemaker Centre in WA.
Under the agreement, Axiom will sell the land component of the land to Lester and has entered into a development management agreement obligating Axiom to deliver the completed centre.
Lester Group will pay Axiom $8.5 million as well as reimburse the company’s costs of around $7.6 million, with Axiom expected to receive approximately $48 million once practical completion occurs.
The company’s Butler Central Homemaker Centre consists of a large format retail precinct located adjacent to a Woolworths supermarket and the Butler train station.
The large format centre will be anchored by The Good Guys, Goodlife Gym, Beacon Lighting, Adairs and other retailers with Vend Property handling the lease which currently sits at around 70 per cent pre-leased.
Construction of the project began in August this year with construction company Adco Constructions, which are on track for project completion in June 2022.
Axiom Properties shares are up 1.67 per cent to trade at 6.1 cents at 3:00 AEDT.
