After months of uncertainty, builders are back on the site of Golden Age Group’s office highrise in Melbourne’s CBD.
The 130LC project was put on hold after builder Roberts Co’s Victorian arm entered voluntary administration and Golden Age sought to engage with subcontractors.
Work restarted last week on site at 130 Little Collins Street and progress was being made, Golden Age said.
The group said it had worked with administrators and stakeholders on a project delivery solution that retained the existing site management team and key subcontractors.
The project is scheduled to complete in August.
“Golden Age remains deeply committed to delivering 130 Little Collins Street to the highest standard,” Golden Age Group development director Damien Hehir said.
“Our immediate focus has been to secure continuity of works and minimise disruption for our valued purchasers and stakeholders.
“As we navigate this transition, we have taken decisive action to maintain momentum and protect the interests of all involved.”
The developer has spoken to more than 30 subcontractors, consultants and suppliers to create the project delivery solution and said agreements were being finalised.
United Arab Emirates developer Arada has taken over the parent company of the embattled builder, Roberts Co NSW, sparking a restructure and the exit of founder Andrew Roberts.
It means Roberts, who sold his family’s controlling share in Multiplex to Brookfield in 2007, is now out of the construction industry.
The news of the deal came after a potential rescue plan via deed of company arrangement was floated for Roberts Co Vic.
Whether that rescue plan goes ahead remains to be seen as the federal courts have granted a two-month extension for a second creditors meeting.
Arada has said the deal, price undisclosed, would not affect the rescue plan.
Roberts Co chief executive Emma Shipley has since told the media that the NSW company would expand into residential, withdraw from the defence sector and withdrawing from WA after completing two current projects in the state.
Shipley has been reported as making a commitment to move below the $200-million project minimum her predecessors set, saying she would look at anything from $100 million to $1 billion.
Financial advisers Deloitte have been asked to assist in reviving the business operations and to formulate a plan to take the Victorian arm back from administrators McGrathNicol.
Other projects affected by the collapse include ESR’s warehouse project for Amazon north of the Melbourne CBD and Investa’s Oxford build-to-rent project in Footscray.
ESR told The Urban Developer that it was keen to continue with the project and industry sources have told the media that Investa could restart work on its tower by June if it found a builder.
Roberts Co previously took on Probuild’s assets and projects when that company collapsed and managed to complete some of those projects including one for PDG.
