Axiom Properties Sells Adelaide Bulky Goods Complex For $18.8 Million
The complex is on leasehold land controlled by the SA government for 97 years. It is at a busy corner about six kilometres north of the Adelaide CBD.
Axiom will pay down debt with part of the moneys raised, according to the AFR which reported the sale. It is expected to spend about $3.5 million advancing on another project, next door to the Bunnings site, called Churchill Centre South.
The Churchill site is expected to include about 50,000 square metres of retail space, configured as mixed use retail and bulky goods.
The group is also looking to sell a half share interest in a separate development, Gepps Cross Bulky Goods Centre, 10 kilometres north of the Adelaide CBD. Stonebridge Property was the marketing agency.
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