This article is from the Australian Property Journal archive
LIVING Choice has acquired 10-hectares of land from Axiom Properties to develop an over 55s lifestyle community in Mt Barker, South Australia.
The $5.5 million conditional agreement, between Living Choice, Axiom Properties and its joint venture partner is reliant on all parties agreeing on an infrastructure agreement and receiving development approval for community.
The proposed sale of land within Axiom’s Glenlea Estate residential subdivision, within the estates preserved open space, including woodlands, reserves, walking trails and play areas.
“The joint venture partners are excited at the additional product and amenity that the Living Choice product will offer to residents,” announced Axiom.
With this transaction, the joint venture partners maintain a pipeline of over 250 allotments for construction. Axiom has recently received financial approval from BankSA to commence works on this pipeline in stage 1c, which includes 14 large allotments, 11 of which have already been contracted.
South Coast Sand & Civil has been awarded the civil contract for these works.
The sale comes after Axiom posted a $5.561 million profit for FH21, boosted by Charter Hall Social Infrastructure REIT’s $80 million acquisition of its South Australian Emergency Command Centre, on a 4.8% passing yield.
Approval for the lifestyle village is expected to be received in the tail end of 2021.
