Press Release - Wynyard Properties on the Market

Press Release - Wynyard Properties on the Market

28-Feb-2000

Thakral Holdings Limited plans to sell the Wynyard complex, which includes the landmark Menzies Hotel and adjoining properties.

The company has appointed CB Richard Ellis to sell the complex, which comprises:

   -  The 446 room, 4 star Menzies hotel with newly refurbished Lobby. The hotel boasts bars, bottle shops,   gaming lounge, restaurants, pool, spa, gymnasium, business centre and eight function rooms

   -  Thakral House, in George Street, a 10,433 m2,13 storey office block

   -  the Wynyard Retail Centre which comprises 75 retail outlets in the Hunter and Menzies Arcades, and Wynyard retail ramps, totalling 3,578 m2;

   -  The 420 space public carpark.


"We are willing to sell the whole property, or may consider retaining individual components," Thakral’s managing director, John Schaap said.

"Thakral is an active property investor and it is our judgement that this is a good time to be in the market with such a landmark. We bought well and are looking to release that value to help fund our continuing diversification. " Mr. Schaap said.

The Wynyard property investment is the largest single asset in Thakral’s $600 million portfolio. The Menzies Hotel has been a landmark since the late 1960’s, and is widely recognised throughout all sectors of the international and domestic corporate and leisure markets. It is one of three Sydney hotels chosen as an Olympic Family hotel and was recognised as Sydney city’s top deluxe accommodation at the 1999 NSW Tourism awards, while the Wynyard Arcade has one of the highest pedestrian counts in the country.

Tom Southern, Senior Managing Director of CB Richard Ellis, NSW, said the Wynyard centre, in the centre of Sydney’s CBD was an "irreplaceable trophy asset right on top of Sydney’s busiest transport hub".

"It is one of the best positioned hotel/office/retail complexes in Sydney and the hotel is one of Australia’s most famous. The Menzies will be the only hotel directly linked to the Sydney airport when the airport rail link is completed in the next few months," Mr Southern said. In addition, whilst the overall property will produce an attractive yield, there is no doubt that as a landbanking opportunity, this offering is unsurpassed.

Released by: Thakral Holdings Limited

Through: FCR (Financial & Corporate Relations), Brian Mahoney (02) 9235 1666.

Contact: For further information or comment, please call John Schaap, Managing Director, Thakral Holdings Limited, on 02-9272 8888

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