Axiom make $41.7m from Port Geographe land sales

Shares in land development company Axiom Properties Ltd have shot up 19.7 per cent on the back of news it had made $41.7 million from the sale of new canal lots at its Port Geographe development near Bussleton over the weekend.

All of the 92 lots available for sale were sold, which the company believes represents the largest value of subdividable land ever sold in a weekend in Western Australia.

Axiom said the sales represented 15 per cent of the total number of lots to be developed.

The company hinted at accelerated development of future stages.

Axiom owns 40 per cent of the Port Geographe joint venture.

The balance is owned by MacSea Nominees Pty Ltd, an entity associated with local property developer Luke Saraceni and Macquarie Bank Ltd.

Last week, Axiom signed a variation to a Heads of Agreement which would give Pivot Group Pty Ltd a 60 per cent stake in Axiom.

Under the variation, the total amount to be raised under the proposed Pivot transaction will increase from $5.3 million to $10.6 million.
One month after the Pivot offer last year, Saramac Nominees launched its own rival bid at twice that of Pivot's original offer, at $10.6 million.

Saramac is a joint venture between developer Luke Saraceni and Macquarie Bank, and last year bought a 60 per cent interest in the Port Geographe project.

Axiom listed on the Australian Stock exchange in January 1997.

The Pivot Group is the family company of Perth property developer, Peter Laurance.