BGC director Julian Ambrose is purchasing the commercial building division, via a share sale.
BGC has entered into an agreement to sell its commercial construction division to Julian Ambrose, as the company's sale process continues.
Mr Ambrose is a director at BGC and stepson of the company's founder, the late Len Buckeridge.
The company also revealed Mr Ambrose as the buyer for the business’ precast business, which it sold in August last year for $23.55 million, according to its recent annual report.
A price has not been revealed for the sale of the commercial construction arm.
The building giant told its staff this morning about the deal, which is part of the company’s broader sale process.
“BGC Construction has an impressive track record, having delivered iconic Western Australian landmarks such as Perth Arena, HBF Park, and the National ANZAC Centre in Albany,” BGC Australia chief executive Daniel Cooper said.
“With Julian as the new owner, we anticipate exciting growth opportunities for the business, as well as continuity for existing employees, contractors and customers.”
BGC Construction has a number of jobs on its books, including Celsius Property’s $70 million Elysian project in Subiaco, St Ives retirement village in Carine, and independent living unit estate The Green in Gnangara.
The company also built more than 90 per cent of Iris PW’s Shenton Quarter project, before walking off the job in amid a dispute with the developer.
BGC Construction made the call to stop taking on new work last year amid a volatile construction market.
However, Business News understands the builder has recently been pricing new jobs to secure its future pipeline.
Mr Ambrose is set to acquire the company via a share purchase deal, which means all the staff and jobs on the ground will be transferred to the new owner.
The move comes as the state is experiencing a shortage of commercial builders to take on major projects, particularly apartments.
It is expected to result in increased capacity in this sector, which has experienced significant challenges in recent years due to build costs increasing rapidly in a fixed-price environment, coupled with labour shortages.
Last month, BGC confirmed it was recommencing its sale process, via marketing its cement, concrete and asphalt businesses.
BGC Australia initially flagged its intentions to sell in 2018, following the death of Mr Buckeridge in 2014.
The company has been on and off the market in the years since.
