Article in today's "Advertiser" sheds a little more light on the deal.
State Gov't will be allocating $14m minimum to the project, even though Axiom will be the developer and end owner, with State Emergency Services being the sole tenant on a minimum 15 year lease.
Axiom will be taking on debt plus balance sheet capacity to fund and deliver this purpose-designed project. Hence the risk lies with Axiom.
This suggests to me that the government's $14m may go towards Axiom's management fee, planning and design costs, compensation for the underlying commercial land value they are otherwise giving up, and project risk.
Add in the fact that Axiom get to keep the 100% leased buildings, then all land development, building, and developer's profits should accrue to Axiom, provided there are no hiccups.
Ann: Axiom Secures Government Commitment at Worldpark Adelaide, page-3
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Mkt cap ! $9.952M | |||
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