Port Geographe developer Axiom Properties Ltd is injecting $5 million into the $260 million Century City development run by its new majority shareholder Pivot Group, in return for 50 per cent of net profits of the office part of the development. The move comes after the Peter Laurance-chaired Pivot, injected $5 million into Axiom in April, taking $28 million in long-dated options and a 61 per cent controlling stake in the company, prior to the Axiom board termination of its managing director Peter Meagher. Axiom, now chaired by Mr Laurance's brother Ian, has agreed to invest $5 million in four tranches over the next 18 months into the office component of the development which will be refunded on completion of the project.Construction of the $260 million Century City project at 100 St Georges Terrace has commenced and will comprise a 17-storey office tower fronting St Georges Terrace and a four-storey retail arcade to Hay Street. The news of the investment follows the resignation this week of two long-standing Axiom directors, chairman Terry Prindiville and director Russell Hawkins. The board of Axiom now consists of Ian Laurance, Ben Laurance (Peter's son), lawyer Umberto Gianotti, and new appointee, mining lawyer Michael Blakiston.Mr Blakiston was appointed on June 24, while the other men were appointed following Pivot's takeover in April. Axiom said in a statement to the ASX, it had been advised in the transaction by former chief valuer and current investment director at Savills, Miles Rowe, who said in his report to the board that the development would likely yield a return to the developer based on a return of total estimated project costs of $200 million for the office component over two-and-a-half years.Another appointment to the Axiom board is likely to be announced early next month.
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