Ann: Churchill South Option Exercised, page-6

Cosco paid rent for 50 years upfront. Now that we don't own Churchill North, we would have been holding future revenue which needs to be held by the new owner instead.

Axiom doesn't have a stable income stream, but instead makes bigger lumps of money with their projects, which take time and have more risk.
They are more of a developer than a property fund that manages its properties and tenants.
The fixed costs/wages would eat a good chunk of the market cap, so if management sat on their hands we would be going backwards. Luckily the team has been proactive finding lots of new projects and making big profits on its most recent ones.
Its good to hear the team have sold Churchill because they can put the money to better use.
The Mt Barker development has not sold many blocks of land since December (as per their website for blocks available). Hopefully this picks up when they have further developed the area. The World Park land has been sitting there for some time with a book value of $7M. A deal at book value would be gold.
Double Bay project. Hotel in Richmond having all conditions met later in year. Lots that could give this company a kick and increase the nta further.

The co is in a great position with no debt and approx 5c per share cash. A fair bit of upside with some time and project success.

This one is definitely under the radar. No surprise when it has a market cap under $25M and is illiquid.

I agree with you that the value is there at the current price.