Axiom (ASX:AXI) to sell Butler Homemaker Centre to Lester Group

Representation of Property housing house market investment price value.

Highlights

  • Axiom Properties has entered into a Heads of Agreement to sell its Butler Central Homemaker Centre in Perth WA to Western Australian private company The Lester Group.
  • The Company’s Butler project consists of a large format retail precinct comprising approximately 15,000 sqm of retail and services-based tenancies.

On Friday, ASX-listed property development and investment business Axiom Properties Limited (ASX:AXI) announced that it has entered into a Heads of Agreement to sell its Butler Central Homemaker Centre in Perth WA to Western Australian private company The Lester Group. The Lester Group is a family owned and operated property investment and syndication business.

The Company revealed that the non-binding Heads of Agreement is subject to a number of conditions precedent, primary amongst which is a period of due diligence which has been granted by the Company for a period of 45 days.

Axiom’s Butler project consists of a large format retail precinct comprising approximately 15,000 sqm of retail and services-based tenancies located adjacent a thriving Woolworths supermarket and the Butler train station. The shopping centre precinct has recently been purchased by funds management giant Charter Hall.

The construction on the project commenced last month with national construction company ADCO Constructions, and completion is expected in June 2022.

The stock AXI was spotted trading 12.499% higher at AU$0.090 per share at 11:00 AM AEST on ASX.

Bottom Line

The Butler Centre is at present approximately 60% pre-leased to major national tenants, with businesses like Woolworths supermarket running up and well on the property. The sale is going to benefit Lester Group in terms of revenue as well as fame.

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