The company which controls Axiom Properties’ stake in the stalled Port Geographe residential development has been placed into the hands of administrators.
Axiom announced today that receivers from PPB Advisory had been appointed as voluntary administrators to its subsidiary, Tallwood Nominees, which owns Axiom’s 40 per cent stake in Port Geographe.
“We feel as if we have gone as far as we possibly can in trying to reach a positive outcome for the stakeholders in the Port Geographe project, the company, and its shareholders”, Axiom managing director Ben Laurance said.
“It is now time for us to step aside and allow the interests of the project to reach a commercial position so that the project can re-commence”.
The Port Geographe development has been stalled since April 2009, and has been plagued by the build-up of noxious seagrass and sediment on beaches in nearby Wonnerup.
The remaining 60 per cent of the project is owned by MacSea Nominees, a joint venture between Macquarie Bank and developer Luke Saraceni.
The Shire of Busselton approached LandCorp in May to take over the development.
Alterations to the project’s groynes to alleviate the seagrass build-up are estimated to cost around $40 million.
Axiom said the appointment allowed it to focus on its core operations of commercial property development and investment.
