Axiom to sell Gepps Cross stake in SA

The Laurance family-run Axiom Properties plans to exit its Gepps Cross bulky goods centre in Adelaide as it focuses on other developments in the city of churches.

Axiom officially put its half share of the southern property on the market today.

It sold its 50 per cent share in the adjoining northern site last year to family interest associated with Gerry Harvey, the head of retailer Harvey Norman which owned the other half.

Last year’s sale raised $31.8 million which was used to pay down debt.

An Adelaide family owns the other half of the southern Gepps Cross site which has a number of major tenants such as The Good Guys, Toys R Us and JB Hi-Fi.

Axiom is focused on two Adelaide developments – a retail development at Islington and a business park development at Keswick.

The company retains a 40 per cent stake in the troubled Port Geographe canal and land development near Busselton in joint venture with a company jointly owned by Macquarie Bank and Luke Saraceni’s Saracen Properties.

At December 31, Axiom had total assets of almost $54 million and net assets of $21.2 million.