Axiom Properties Limited provided an update on its large format retail project in Butler WA. The 3 hectare development site that the Company agreed to conditionally purchase in July 2019 sits alongside the existing Woolworths Shopping Centre and adjacent to the Butler Train Station. The Company advises it has satisfied itself of all outstanding conditions and will proceed with settlement of the property with Woolworths' development arm, Fabcot. Settlement is expected to occur on 24th June and Axiom will fund the (approximately) $8.5 million land purchase from existing cash reserves. The project, which was approved for development in May 2020, has received strong interest from national retailers since being launched midlast year. Notwithstanding the current Covidrelated restrictions, the project is currently approximately 60% pre committed with some of Australia's strongest large format retailers. Construction is expected to commence in early July 2021. Generally, the large format retail sector has outperformed during the current pandemic as evidenced by many national retailers recording strong sales growth in their relative categories. Specifically, the Western Australian economy has benefitted from a booming resources industry which has in turn helped fuel significant growth in the housing and property markets. This growth has generated strong interest in the Company's project. Construction on site is expected to commence in early July, with completion expected in June 2022.