Axiom Properties Ltd is pleased to announce it has secured a financial partner for a 50% interest in the development and ownership of its flagship development, Churchill Centre North, situated on Churchill Road in the Adelaide suburb of Kilburn. Southern Cross Equity Group, an Adelaide-based boutique property syndicate will provide an equity investment of $11.25m to the development of the major retail shopping centre on the site. As previously announced, Coles will anchor the centre with a new 5,500 sq.m. supermarket, alongside a 5,650 sq.m. Kmart Discount Department Store.
The $65 million centre will also incorporate up to 50 specialty tenancies, including a Priceline Pharmacy, Cheap as Chips Discount Variety Store, banks and other associated retail and service offerings. Coles have agreed to occupy a Coles Petrol site and will also have a Liquorland store within the Centre. Leasing for the balance of the tenancies is currently underway, and interest is very strong.

Commenting on the partnership agreement signed today, Axiom Managing Director Ben Laurance said "the association with Southern Cross Equity Group is a strong indication of the quality of this development, and a strategic tie-up for Axiom". "This capital solution provides funding certainty for the project to be developed and gives the JV partners a strong position to take advantage of further stages in the future".

Axiom's General Manager, Paul Rouvray, said "The Southern Cross Group are an extremely successful, very experienced retail property business and we are delighted to be associated with them".
The partnership deal was brokered by John Savva, Principal of Leedwell Property, a boutique Adelaide-based real estate agency specialising in retail centres. Commenting on today's announcement, John Savva said "this is a very unique retailing opportunity for the Adelaide marketplace, being such a strategic landholding so close to the Adelaide CBD. Retailers are excited about this project, despite retail sentiment generally". Construction of the Centre is expected to commence on the site in the new year.

About Ben Laurance

Mr Ben Laurance is the Managing Director of Axiom Properties Ltd, and an Executive Director of Axiom's major shareholder, Pivot Group Pty Ltd. Pivot is one of Australia's most successful private property development companies, and since its inception in 1972, it has developed shopping centres, bulky goods centres, office buildings, medical centres, theme parks, hotels, resorts and marinas worth more than $1 billion. Mr Laurance joined the family property business of Pivot in June 2001 after a 10 year career as an investment advisor in Sydney advising domestic and American institutions on Australian equities. Mr Laurance's role as Managing Director of Axiom is to source, manage and deliver investment grade development projects across various asset classes around Australia. He is also responsible for the day to day management and operation of the company. With his expertise in the corporate and financial markets, Mr Laurance has been instrumental in the guidance and management of Axiom's business strategy. Mr Laurance has a Bachelor of Economics from the University of Western Australia, and he is also a Director of Axiom's Funds Management Division.

distributed by