Construction of Axiom’s Butler, WA project to commence

Axiom Properties Limited announced the Company had settled the purchase of its 3-hectare development site on Camborne Parkway and Butler Boulevard in Butler, WA from Woolworths Ltd and intends to commence construction on site next week.

The land purchase comes after long-standing LFRA Gold Member Axiom Limited was contracted to buy the site in mid-2019. The successful sale was brokered by LFRA Bronze Member Vend Property.

Since that time, Axiom has secured a Development Approval for 13,350 sqm of Large Format Retail and has largely pre-committed the development with national retailers.

The site forms part of a larger landholding which was developed into a major convenience retail centre known as Butler Central and anchored by a Woolworths supermarket and other specialty retailers, and adjacent to Butler Train Station.

Combined, the total integrated centre will accommodate in excess of 25,000 sqm of convenience, specialty and Large Format Retail tenancies.

Commenting on the update, Managing Director Ben Laurance said, “with the underlying strength in the WA economy fuelled by a thriving resources industry, combined with an exceptionally resilient housing market, we are excited to be commencing construction on site and bring this project to fruition.”

“We are appreciative of the support we have received from all stakeholders, and particularly from the Large Format Retail sector who have embraced this development from the start.”

Butler is an established activity hub in Perth’s northern growth corridor located approximately 37 kilometres north of the Perth CBD and approximately 18 kilometres north-west of the Joondalup Strategic Regional Centre.

“Notwithstanding current Covid-related restrictions, the project is already approximately 60% pre-committed with some of Australia’s largest retail brands including Beacon Lighting and Autobarn.

“There is strong interest for most of the balance,” confirmed Mr Laurence.

Generally, the Large Format Retail sector has outperformed during the current pandemic as evidenced by many national retailers recording strong sales growth in their relative categories.

Specifically, the Western Australian economy has benefitted from a booming resources industry which has in turn helped fuel significant growth in the housing and property markets.

This growth has generated strong interest in the Axiom’s project.

The proposed development will comprise a Large Format Retail centre providing over 13,300 sqm of gross lettable space in 19 separate tenancies with ancillary parking for 400 cars.

Completion of the project and handover to tenants is expected in June 2022.