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

$500M residential development approved for former University of Melbourne site

The former University of Melbourne Hawthorn Campus is making way for 350 boutique apartments.

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.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Rentvesting in Australia: A deep dive

Rentvesting offers an alternative path into the property market for priced-out first-time buyers.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.