Axiom Properties Limited
(ASX:AXI) will join with a South Australian family to develop a new residential subdivision in Mount Barker in the Adelaide Hills.
The family own 50 hectares of rural land capable of development into over 500 lots. Mount Barker is a high growth area located just 25 mins from the Adelaide CBD.
Under the deal, the land owners will supply the land with Axiom to develop the sites and deliver the project to completion in a series of stages. Proceeds of the 7 year project will be split 50/50.
The deal provides Axiom with a strong pipeline of medium term developments as it eyes other opportunities.
Axiom Properties Limited
(ASX:AXI) reported a net profit of $4.23 million for the first half of the 2015 financial year.
