The planned sale of BGC Australia has taken another step forward with the appointment of investment bank Macquarie Capital as corporate adviser to the family-owned business.
BGC Australia has agreed to sell the Aloft Perth hotel and associated office development in Rivervale to Singapore-based Hiap Hoe Ltd for $100 million, but is still chasing a buyer for a second, larger hotel it developed, The Westin Perth.
BGC Australia has appointed three high profile independent non-executive directors to help advise the family-owned business empire as it enters a global sale process.
A depressed Western Australian housing market has hit residential builders, with the number of housing starts dropping by more than 1,500 in the 12 months to June 30, according to figures released by the Housing Industry Association.
SPECIAL REPORT: Perth's hotel capacity has increased by about 30 per cent since 2012 and Business News has identified a further 3,150 rooms that are either under construction or committed, as the city's hotel sector is transformed.
BGC Development's Westin Hotel and Hibernian Place development was picked as the top project in Western Australia in this year's Urban Development Institute Australia WA awards.
Nearly 140 major projects are either under way or planned for WA, new research by Business News has found. Click through to access the new list on the BNiQ Search Engine.
BGC Australia has kicked off its asset sale program with the listing of the recently completed Westin Perth and Aloft Perth hotels, along with an adjoining commercial office building in Rivervale, a CBD development site and a neighbouring food and beverage precinct.
BGC Australia is one of the state's largest and most diverse business groups, with revenue last financial year in excess of $2 billion from its building, construction, property, contracting, trucking and manufacturing operations.
BGC Australia director Sam Buckeridge announced this afternoon that the sprawling property and construction empire built by his late father Len Buckeridge is being prepared for sale.
Marriott International has opened Perth's first Westin Hotel at an official ceremony this morning, anchoring a new dining and leisure precinct set to revamp the area.
Building materials company Brickworks said today its Western Australian division has returned to profit following a major restructuring, one month after competitor Boral said it recorded a break-even result in WA.
Construction has started on boutique developer Norup + Wilson's $190 million Mount Pleasant project, The Precinct, following the selection of BGC as the preferred builder earlier this week.
Michael McLean, the long-time executive director of the Masters Builders Association WA, talked to Mark Pownall on the day he announced plans to retire.
SPECIAL REPORT: Gina Rinehart's Hancock Prospecting and its subsidiary, Roy Hill Holdings, have moved to the top of the Business News annual ranking of private companies in Western Australia, as their surging revenue put them ahead of building company BGC Australia.
Singaporean-listed OKP Holdings has made its first foray into Australia, via the purchase of an East Perth property for $43.5 million from BGC directors Andrew and Sam Buckeridge.
The state's largest residential builder has enlisted local advertising agency Marketforce to deliver the marketing and strategic requirements across its six divisions for 2018.
SPECIAL REPORT: WA's residential property sector is starting to show signs of stabilising, amid increased industry innovation and evolving housing types.
Dale Alcock's ABN Group has been listed as the largest residential builder in WA in the latest Housing Industry Association top 100 ranking, but more intriguing is the disappearance of long-time industry leader BGC Australia and the inaugural listing of Ventura Home Group.
Building products manufacturer Boral has been dented by the continued weak performance of its Western Australian operations, reporting lower underlying earnings and a $20 million asset impairment for its WA bricks business.
Western Australia's biggest builders are facing higher insurance costs, in some cases understood to be as high as 25 per cent more, as the Building Commission moves to reduce the reliance on taxpayers to foot the bill for failures in the sector.
It may have only taken about 18 months to build, but Perth's newest hotel – the recently opened Aloft Perth in Rivervale – was a six-year journey for the world's largest hotel operator, and one of Western Australia's biggest home-grown builders.
Two student accommodation projects in Northbridge have moved closer to being built, after Devwest Group applied for approval to repurpose Telstra's headquarters, and Stirling Capital lodged paperwork for early works at its Stirling Street proposal.
Hancock Prospecting is poised to become Western Australia's biggest private company after a investment and acquisition spree in iron ore and agribusiness which is expected some time this year to push its revenue past that of the incumbent number one for the past 12 years, home builder BGC. A 2018 reranking appears certain following research for the Business News Private Companies list published today in a special report.
Western Australian businesses contributed nearly $2 million to the two major political parties in the 2016 financial year, according to recently released disclosures, while trade unions gave about $1.1 million directly to the local branch of the Labor Party.
BGC Construction, EMCO Building and Adco Constructions are among a number of local builders which have received a combined $48.3 million worth of contracts for work on police stations and new public schools.
