MULTIPLEX is securing prime property development opportunities as it readies for a post-float spending spree.
One site in Multiplex’s shopping trolley is the Wylie Group’s 50 per cent share in Hawaiian Management’s $80 million Claremont shopping centre.
Perth millionaire Bill Wylie will sell his share as part of an agreement involving a swag of other Wylie Group-owned properties, which will result in the Wylie Group becoming a 5 per cent to 10 per cent cornerstone stakeholder in the anticipated Multiplex Group float.
Mr Wylie bought-in to the Claremont shopping centre redevelopment in August this year through the acquisition of 50 per cent of the retail property.
Despite years of consultation and negotiation, Hawaiian Management is still having difficulty obtaining planning approval for the development.
The Town Planning Appeals Tribunal will make a final decision on the redevelopment and Hawaiian Management is hopeful of a decision before the year is out.
An industry source said it would be interesting to see what effect Multiplex’s involvement in the project would have.
“Multiplex seem to be able to get developments through quickly, which is seen as a good reason to have them on board,” he said.
Multiplex has also asked developer Luke Saraceni to hold back on his development of two boutique office towers on the old Bible House at 161 St Georges Terrace.
The site adjoins Multiplex’s Westralia site, and according to industry sources, offers the St Georges Terrace street presence that Multiplex does not have with the Westralia site alone.
It is understood that Multiplex has proposed a partnership deal with Saracen Properties to develop the 161 St Georges Terrace site in conjunction with plans for a business park styled development on the Westralia site.
