Prior to 2006, Axiom experienced a number of difficult years as a residential land developer, being under-capitalised and lacking strategic direction and delivery capability. Its only project was a 40% interest in the Port Geographe Canal Development at Busselton, Western Australia. On April 11th 2006, shareholders voted to accept a recapitalisation proposal and Pivot Group Pty Ltd became Axiom’s major shareholder.
Pivot Group is one of Australia’s most successful private property development companies. Incorporated in Perth in 1972 it has completed over $1 billion worth of developments across Australia – including Office Buildings, Shopping Centres, Medical Centres, Bulky Goods Centres, Hotels, Resorts, Theme Parks and Marinas.
Following the re-capitalisation, the new Axiom Board has concentrated on diversifying Axiom’s portfolio across property sectors and across all Australian states by introducing a number of strategic development opportunities. The new Board has also delivered a core capability within its management team focused on procuring, creating and completing new development opportunities. Some of these opportunities include the successful redevelopment of 100 St George’s Terrace in Perth’s CBD – a $350m office and retail project, the strategic purchase of “The (former) Age” building and associated land at 250 Spencer St, Melbourne, and the creation and delivery of Australia’s largest homemaker centre at Gepps Cross, South Australia.
In more recent times, Axiom has created a major retail destination hub at its Churchill Centre in Adelaide. Tenants include South Australia's first and only Costco store, one of the first Aldi stores in the State plus Coles, Kmart, Bunnings, Hungry Jacks and a further 51 speciality stores.
Axiom has developed a strong capability of identifying and sourcing new property development and investment opportunities to deliver superior relative returns on its equity.