Australia’s largest privately owned builder has “come to the rescue” of a luxury beachside apartments development after two previous construction companies associated with the project went into liquidation.
Hutchinson Builders, which celebrated its centenary in 2022, has taken over work on The Curl, on the corner of Barrel Street and Bokarina Boulevard in Bokarina Beach.
The site, at the gateway to the new masterplanned, oceanside community off Nicklin Way, has been deserted since March this year.
A spokesperson for developer Stockland said Hutchinson Builders had been appointed to complete early works ahead of recommencement at The Curl.
“We are in the final stages of planning for full recommencement of works, including formally engaging the builder, and are continuing to keep our customers updated,” the Stockland spokesperson said.
Early works include the removal of the existing tower crane, scaffolding reconfiguration, concrete formwork removal and other general site safety and maintenance work.
A contributor to the Bokarina Beach Community Connection on Facebook this week said a letter to neighbouring residents had confirmed Hutchinson was completing the project.
Passers-by could see tradesmen on site this week, working around scaffolding. The on-site crane has now been dismantled.
The Hutchinson website reports that the company, with offices right down the east coast from Cairns to Hobart, has built more than 7500 projects nationwide at a total value in excess of $35 billion.
Among them have been Birtinya’s Wishlist Centre and Brisbane’s Howard Smith Wharves dining and entertainment precinct. The 7000-seat Ernest Baynes Grandstand, built by Hutchinson in 1923, remains part of the Ekka history at the RNA Showgrounds today.
Meanwhile, about 50 PBS creditors attended a September 6 meeting in Canberra in person or virtually to receive an update from the voluntary administrators – RSM Australia partners Jonathon Colbran, Richard Stone and Mitchell Herrett – and to vote on the future of the five companies involved.
In an update on its website on September 8, RSM reported that creditors of five PBS Building companies in the hands of administrators had voted to wind up four companies – including two construction arms in the ACT and Queensland.
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The creditors opted to give the NSW building company a lifeline to enable payments owed to be pursued through the courts.
RSM said the majority of creditors accepted the administrators’ recommendations as outlined in the supplementary report lodged with the Australian Securities and Investments Commission (ASIC) on September 1 this year.
Creditors voted to put PBS Building Pty Ltd, PBS Building (ACT) Pty, PBS Building (QLD) Pty Ltd and PBS Management Company Pty Ltd into immediate liquidation and to enter a Deed of Company Arrangement (DoCA) with litigation funder Clover Risk Funding for PBS Building (NSW) Pty Ltd (PBSB NSW).
Mr Colbran said the DoCA with Clover would give administrators additional time and funding to continue legal action to recover progress claims worth more than $3 million owed to PBSB NSW through the Security of Payments Act.
“While there are no guarantees, the DoCA provides creditors of PBSB NSW with the best possible chance of maximising the return they may receive,’’ Mr Colbran said after the meeting.
“What was made clear to creditors is that today’s meeting does not represent the end of developments and updates, but rather is a further step in what remains a complex and lengthy process to determine the final value of creditor claims and the value of PBS assets available to creditors.
“It is expected that a number of matters, including resolving competing creditor claims and rights to assets, finalising existing and anticipated litigation, and considering the value of final creditor claims, will take at least 12 months.
“Each legal process needs to run its course before we reach a final outcome. Litigation takes time and there are a number of complex and contested matters that we are dealing with across the five PBS companies.”
Creditors with questions can contact RSM via email at pbs_creditors@rsm.com.au or call (02) 6217 0228.
Award-winning national construction company PBS Building took over construction of The Curl following the collapse of original project builder BA Murphy in late 2021, reportedly leaving almost $11 million owing to contractors and employees.
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PBS Building was a recognised leader in the project management, design and construction of residential, commercial, industrial, retail, office, apartment, aged care and mixed-use developments.
The multimillion-dollar construction company – founded in 1989 and based in Canberra, but with offices in Sydney and Brisbane employing more than 180 people – walked away from development sites across Australia, including The Curl, in March this year.
The PBS board and company founder Ian Carter said at the time that the “incredibly difficult decision” had been made to put their NSW, ACT and Queensland construction businesses into voluntary administration.
“This has been a gut-wrenching decision that we know will impact many lives and livelihoods,” a March statement from the PBS board of directors and Mr Carter said.
“However, after months of intense efforts behind the scenes, in the end it was the only responsible course of action available.
“In relation to our current projects, we secured, not abandoned, these sites with the express purpose of not incurring any further expenses.
“We took this step to ensure that we could negotiate better outcomes with clients for the ultimate benefit of creditors.”
Stockland announced the public release of The Curl, designed by acclaimed local architects O.G.E. Group, in August 2021.
The 15 one-, two- and three-bedroom apartments – a short stroll from the surf beach on Barrel Street – were inspired by the classic curved lines of sails and waves.
The complex also includes a communal pool and gardens, with Lake Kawana, parklands and a future dining and shopping precinct nearby.
Hutchinson Builders was approached for comment but referred SCN back to developer Stockland.
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