Investa in Talks to Continue Footscray BtR Project

Developer Investa has confirmed that it is in talks to find a new builder for its Indi Footscray build-to-rent project . Investa director Mark Tait told The Urban Developer a new builder was on the cards. “We’re working with someone at the moment in transition,” Tait said. “But it is not confirmed yet.” The project at 3 McNab Avenue, Footscray, stalled at 80 per cent completion this year when builder Roberts Co’s Victorian arm went into administration. “We weren’t that far away in March, and that finalisation was still a lot of trades and a lot of work to go, but the structure is complete,” Tait said. “The fitout internally was well advanced up the building tower. “So, yeah, we’re in OK shape.” Tait also confirmed that Investa was aiming to have work restarted soon. “We’re hoping to restart within the next four to six weeks,” he said. The project was supposed to be completed in July 2025. Tait said that would not happen. “We were targeting a July conclusion and are now being delayed because of the process,” he said. Investa will also look at how it can mitigate this risk in the future. “It was unforeseen circumstances and some of the challenges that are facing the construction industry have an unfortunate impact on the projects,” Tait said. “We’ll look at lessons learned across the board and have a look at the whole tender procurement methodology, and see where those lessons learned can potentially assist us in going forward.” ▲ Architects SJB designed the plans for Investa and Oxford Properties' Indi Footscray project in Melbourne. Roberts Co Vic went into administration this year with three key projects—Indi Footscray, Golden Age Group’s 130LC tower in the CBD and ESR’s Amazon warehouse north of Melbourne—left unfinished. As administrators took over, Golden Age Group confirmed work had restarted on 130LC and ESR said it was keen to continue with delivering the warehouse. Investa said it was looking for new builders. A deed of company arrangement was floated for Roberts Co Vic with administrators getting a two-month extension on a second creditors meeting to put it together. But then United Arab Emirates developer Arada took control of Roberts Co NSW, the parent company. A restructure, a new strategy and founder Andrew Roberts leaving the company all followed. Roberts, who sold the family’s share of Multiplex to Brookfield in 2007 is now officially no longer in the property or construction industry. Arada has said that the deal would not affect the plans in place for a deed of company arrangement. 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 withdraw from WA after completing two current projects in the state. 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. 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.

Investa in Talks to Continue Footscray BtR Project

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