Grocon, Australia’s biggest privately owned construction and property development company, has submitted a bid for Thakral Holdings Group (THG)’s Wynyard Center in Sydney, according to two people familiar with the matter.
Grocon expects Thakral to make a decision on offers for the property within the next four to five weeks, said one of the people, who declined to be identified because the bid hasn’t been announced publically.
Sydney-based Thakral is awaiting government approval on a plan to redevelop the property, which would include a new 29- story office tower and five levels of retail space, according to a Nov. 18 regulatory filing. Grocon would take over the project if its bid is successful, one of the people said.
The project could be worth up to A$1.3 billion ($1.38 billion), while the property itself is valued at about A$220 million, the Australian Financial Review reported on May 5, without saying where it got the information. Brookfield Multiplex is also seeking to buy the property, the newspaper reported on May 12, without saying where it got the information.
Grocon spokeswoman Jane Wilson didn’t immediately respond to a voicemail message seeking comment. Thakral Managing Director John Hudson and Chief Financial Officer Anthony Story couldn’t immediately be reached for comment.
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