Axiom Properties Limited (ASX:AXI) provides an update to the market on progress at its 50% interest in Glenlea Estate, the Company’s residential subdivision joint venture in Mt Barker, South Australia.
The Company completed construction of the Display Suite at the start of October, and commenced sales of the first lots following the official launch on 8th October 2017. To date, 13 lots have been contracted and deposits taken.
The first Stage of the development will see the Company construct 68 lots. Construction of these lots commenced on 8th November, following the Joint Venture receiving finance approval from its financier, BankSA. The conditions of the finance approval allowed the Joint Venture the ability to commence construction forthwith, without the necessity of having significant pre-sales conditions prior to commencement.
In addition to the Ecologically Sustainable Development initiatives across the entire subdivision, the Joint Venture has committed to providing the first lots to be sold at Glenlea Estate with a renewable energy solution, incorporating a solar and battery package. With rising energy costs and reliability of current energy infrastructure, the provision by the Joint Venture of a renewable energy solution provides Purchasers with a distinct advantage over other competing Estates.
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