Axiom Properties has entered into a development agreement with Macquarie Bank to develop the remainder of its $200 million Port Geographe canal project in Busselton 2 ½ hours out of Perth.
Busselton, which is in the midst of the Margaret River wine district, is one of the fastest growing shires in Australia.
The parties to the heads of agreement are Tallwood Nominees, a wholly owned subsidiary of Axiom, which owns the Port Geographe property (a 40% interest) and a new company to be formed to jointly represent the interests of Macquarie Bank and Saracen Properties Group (a 60% interest).
Both Macquarie and Saracen are very active in the Western Australian property development scene.
So far, Axiom have sold some $70 million worth of residential allotments at the canal development with an expected $120 – $140 million of sales expected out of the remaining 490 lots.
The Port Geographe development is the largest development in the rapidly growing South West corridor of Western Australia and the only canal project in the Margaret River district.
Axiom managing director Peter Meagher said demand for canal residential land was extremely strong with significant growth in prices over the past 12 months.
“The Port Geographe project is unique and unlikely to be repeated,” Meagher added.
Future stages of Port Geographe will benefit greatly from the infrastructure that has already been developed at the site which includes four large breakwaters, a number of interna beaches, a secure harbour, a marina with over 100 boat pens, public boat ramps, tavern and restaurant facilities.
Port Geographe is Axiom’s major asset.
