This article is from the Australian Property Journal archive
AXIOM is selling its controversial Butler Central Homemaker Centre in Perth to the Lester Group, after signing a non-binding heads of agreement.
The Butler project, located on the corner of Cambourne Parkway and Main Street, is comprised of a large format retail precinct with around 15,000sqm of retail and services tenancies, that are currently 60% pre-leased to major national tenants, with Vend Property managing the leasing campaign for the project.
In June, Axiom announced it plans to proceed with the settlement of the large format retail project, despite the City of Wanneroo recommending to refuse its application, before approval was granted in May 2020.
The sale comes after Axiom achieved a record profit over FY21 of $12.161 million, up significantly from FY20’s $367,000, following a year of completing and offloading projects.
The precinct, which was acquired by Axiom in July 2019, sits within in an established growth corridor 40km out from the Perth CBD and adjacent to a Charter Hall owned Woolworths supermarket and the Butler Train Station.
Construction on the Butler precinct is being delivered by ADCO Constructions and is currently underway, after commencing last month, with completion scheduled for June 2022.
The non-binding agreement for the sale to private family owned and operated property investment and syndication business, The Lester Group, is subject to numerous conditions.
The main condition precedent being a period of due diligence, which has been granted, for a period of 45 days.
