- 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.
