This article is from the Australian Property Journal archive
Axiom Properties has entered into a joint venture with Coffey International to develop a new $150 million business precinct in Adelaide.
Axiom has purchased a site in Keswick, on the fringe of Adelaide’s CBD, to develop this business precinct concept.
As part of the agreement, Coffey International will anchor the first of three stages with a commitment to occupy 7,000 sqm in Stage 1, out of a total 9,000 sqm of “new generation” office space to be known as Coffey Worldpark.
The Coffey group of companies will co-locate its expanding professional teams in Adelaide in the precinct, to become the South Australian home of Coffey companies including Coffey Geotechnics, Coffey Environments, Coffey International Development, Coffey Mining, Coffey Training, Clifton Coney Group, Carson Group and Enesar.
The three hectare site can accommodate in excess of 30,000 sqm of environmentally sustainable office accommodation, built in a campus style environment.
The development will be staged over the next three years and construction is expected to commence in early 2008. Settlement on the land is not expected to occur until the end of 2007, and the equity required by Axiom for the development will be funded from internal resources.
Axiom’s managing director Ben Laurance said the concept was hatched by Coffey
“Coffey chose us as the developer of this exciting project because of our shared vision and philosophies with how office environments are changing and evolving.
“The project is a visionary, environmentally sustainable development that will spearhead and set new benchmarks for world’s best practice in energy, the environment and working/living concepts,” he added.
Axiom has been quite proactive in the past fortnight.
Only last week, the company purchase a 17% stake in Australian Stock Exchange listed Brisbane based investor and developer, Eumundi Group for $4.3 million.
At the same time, the company made a hostile takeover bid to buyout the balance of the Eumundi.
A week earlier, an Axiom and Industry Superannuation Property Trust joint venture purchased Fairfax’s The Age Melbourne headquarters for $66.1 million.
Laurance said as part of Axiom’s national expansion, the company has opened its Adelaide office, and has appointed Paul Rouvray as general manager of South Australia and Northern Territory.
Rouvray is an experienced property executive with many years experience in the Adelaide market.
Axiom reported a loss of $202,000 for the half year to December 31, 2006 down a further 56.93%.
Australian Property Journal
