This article is from the Australian Property Journal archive
AXIOM Properties has purchased a large format retail development site in Perth’s outer suburb of Butler from Woolworths for $9.6 million.
Located 41km north of the city, the 3 hectare retail site adjoin the recently opened Woolworths-anchored supermarket and shopping centre on the corner of Butler Boulevarde and Cambourne Parkway.
The Butler train station, incorporating a Park’N’Ride, is situated adjacent to the site.
The terms of the agreement executed provides Axiom with 18 months in which to achieve a satisfactory development approval.
Axiom is proposing to develop a large format retail development comprising 15,000 sqm of space.
Managing director Ben Laurance said this exciting new opportunity marks Axiom’s re-entry into the Perth market since it was involved in the development of Enex 100, a mixed-use office and retail development on St George’s Tce in the Perth CBD in partnership with the Industry Superannuation Property Trust (ISPT).
The sale of the land was negotiated by Vend Property’s Jeff Klopper and Paul Davison, who are also managing the leasing of the property.
The acquisition will be funded using a combination of balance sheet capital and debt.
