Australian real estate developer Axiom Properties is setting foot into the Sydney hotel industry.
The site acquired forms part of the Richmond Club, a leading Registered Club of NSW and community heart of the Hawkesbury Region established in 1947, which currently has over 22,000 members. The site is part of the Club’s wider land holding which was declared non-core at the end of last year.
Under the terms of the conditional agreement announced today, Axiom intends to purchase the 2,200 square metre site and develop it into hotel accommodation.
Once an agreement has been reached with the selected hotel operator, the planning approval process will commence, with construction expected to start on site following all consents being issued.
This opportunity gives Axiom an exposure to the fast-growing Western Sydney corridor, which is benefitting from a multi-billion-dollar government capital expenditure program on infrastructure. Settlement of the land purchase is expected to occur once all development approvals are in place and financial close for a hotel operator has been achieved.
Today’s announcement represents Axiom’s second development opportunity in Sydney, following the commitment made to redevelop the Cross St Carpark in Double Bay into a major mixed use project incorporating public carparking, residential, retail and a multi-screen cinema complex.
Commenting on today’s announcement, Managing Director Ben Laurance said: “We are very excited to be involved in this hotel project in the fast-growing western corridor of Sydney, alongside the Richmond Club. This project gives Axiom a toehold in the hotel and tourism sector, and was driven largely by the under-supply of quality hotel stock in the wider area.”