This article is from the Australian Property Journal archive
RETAIL king Garry Harvey has bought one-half interest in the Gepps Cross Centre, Australia’s largest bulky goods centre, from Axiom for $31.8 million.
Axiom owns a half interest in two separate sites in the bulky goods centre located in Adelaide’s northern suburbs. This sale accounts for Axiom’s ownership of one-half of one of these sites.
The centre being sold is tenanted by major national retailers such as Harvey Norman, Spotlight,
Nick Scali, Forty Winks, Radio Rentals and BCF, and was opened in June last year.
Axiom retains its ownership of the other half share of the centre, incorporating other major retailers such as The Good Guys, Super A-mart, Toys’r’Us, Rebel Sport and JB HiFi.
The sale is part of Axiom’s strategy to divest assets and repay debt and restore value in the company.
Earlier in the year, Axiom terminated its long term leasehold interest to develop a 200,000 sqm project at Melbourne Airport and sold its 50% stake in “The Age” site at 250 Spencer Street Melbourne to its joint venture partner, Industry Superannuation Property Trust for a bargain price of $8.0 million.
Axiom is also selling its office project at the Worldpark:01 precinct in Adelaide on the market, with an asking price of $50 million.
Axiom said it is now positioning itself for a positive start to the projects that it has in the pipeline where it can focus on delivering superior returns for its shareholders.
Australian Property Journal
