Back to the drawing board for Axiom

Perth-based developer Axiom Properties says it is evaluating suitable sites for its business park concept for Coffey International after Pivot Group terminated its agreement with Leighton Properties.

The announcement is below:

Axiom Properties Limited ("Axiom") advises that it has been notified that Pivot Group Pty Ltd ("Pivot") has terminated its agreement with Leighton Properties (Vic) Pty Ltd ("Leighton") to purchase the Worldpark Melbourne site at 740 - 742 Toorak Road Hawthorn East Victoria ("Melbourne Worldpark Property").

Due to the termination of the agreement between Pivot and Leighton, the right of Axiom to take an assignment of Pivot's interest under that agreement is therefore at an end. Axiom is currently evaluating alternative suitable sites to start development of the WorldPark concept for Coffey International's 12,000 sq.m. requirement for office space to accommodate its Victorian operations.