adelaide river view convention centre
Source: Canva. Axiom Properties has a number of current and former projects in Adelaide and across South Australia.
  • The sale represents a fifth of the whole Glenlea Estate
  • 10 hectares is dedicated to a over 55's lifestyle village
  • Shares are trading at a high, 7.5 cents per share after flat lining for many years

ASX listed development and investment business Axiom Property (ASX: ASI) announced today the “conditional agreement with Living Choice to sell circa 10 hectares of land for $5.5M”.

This portion of the Glenlea Estate in South Australia is to make way for an over 55’s lifestyle community, a segment of the property market that is gathering momentum.

Positioned within the area of Mount Barker, the estate was originally a joint venture that was secured back in 2015, to the tune of around 50 hectares of land, home to some 600 residential lots.

The diversity the lifestyle village adds to the Axiom portfolio is likely welcome news for shareholders, with diversity key to either keeping losses to a minimum or driving profits over the uncertain pandemic period.

Currently, Axiom has a number of projects across Adelaide, including a premium combined use hotel office tower in Adelaide’s CBD and another suburban commercial property. The company also has properties in the outer reaches of Western Sydney and Perth, in hotel and large format retail respectively.

Despite COVID and AXI share prices dipping from 5.1 cents per share in January 2020 to 3 cents per share at the peak of the pandemic, shares have risen since.

Historically, shares peaked just before the GFC in 2007 at 57 cents per share, before dropping and remaining reasonably flat in the interim.

Axiom is now back trading at 7.5 cents per share.

You May Also Like

Growing market: childcare facilities investment developing

Recent changes to Child Care Package subsidies, as well as govt support of childcare as an essential service, will be another growth driver.

West Perth’s CBD leading the move towards growing employment nodes

Markets which were not hampered with the same level of lockdown, such as Brisbane and Perth CBDs, have improved their occupancy.

WA Government to boost development with $80M fund and DAP delay cap

Premier McGowan announced 120-day state govt DAP caps and opt-ins for local govt, $80M in infrastructure funding, and green light for smaller multi-dwelling developments of $2M.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.