A construction company has slipped into liquidation after building a housing complex for social entrepreneur John Singleton and supermarkets for Coles And Woolworths.
Stevens Construction, established in 2006 in New South Wales North Central Coast SydneyAramco was placed into liquidation on Friday — two months after it went into voluntary administration.
The assets of the commercial construction and luxury apartment building company will now be sold and divided among creditors, with the company ceasing to trade.
In 2019, the Erina-based company built the $33 million, 14-storey Bonython Tower complex in central Gosford for the John Singleton Group, featuring 56 luxury apartments.
“Once a glint in John Singleton’s eye, it is now a stunning jewel in Gosford – Bonython Tower represents the beginning of the Central Coast boom,” the company’s website reads.
Mr. Singleton was also effusive in his praise.
“I want as many people as possible to be able to realise the dream of owning the best units or office space in the best locations, in the heart of Gosford’s CBD,” he added.
Mr Singleton’s apartment in the complex sold in 2019 for $1.6 million, with expansive views of the building purchased for the money. Brisbane water.
Stevens Construction is the latest Australian builder to go into liquidation. Pictured is one of its projects – the 14-storey Bonython Tower
The Erina-based company last year built the $35 million, 14-storey Bonython Tower complex in central Gosford for the John Singleton Group.
The Mann Street complex features two-bedroom waterfront apartments selling for between $590,000 and $640,000 — making it affordable for middle-income earners who are buying alone and want to live close to hospitals and schools.
Stevens Construction’s client list also includes supermarket giants Coles, Woolworths, I have IGA, McDonald’s and fast food chains KentuckyBP and Mobil service stations, and the NSW State Government.
Stevens Construction (NSW) Pty Ltd was a second class commercial construction company operating throughout the state.
Insolvency firm BRI Ferrier, which took over administration in May, has been appointed as liquidator under the direction of Peter Craigie, Andrew Cummins and Jonathan Keenan.
In 2019, Stevens Construction won Commercial Builder of the Year at the Newcastle Master Builders Awards for Excellence in Construction.
Apartment builders in particular are struggling, with construction companies accounting for a quarter of the insolvencies listed by the Australian Securities and Investments Commission, following rising costs of building materials in tandem with rising interest rates.
The Erie-based firm lists John Singleton (pictured right with his estranged wife Sarah Wharry) as one of its high-profile clients.
Directors Stephen Miley and Jason Lewis recently blamed the disruptions caused by Covid-19 for the collapse of their businesses.
“The construction industry has faced significant challenges since the onset of the Covid-19 pandemic,” they said in May.
“The unprecedented disruptions have led to higher construction costs, lower productivity, and severe shortages of materials and skilled labor.”
The wave of bankruptcies in the construction sector comes at a time when Prime Minister Anthony Albanese has promised that Australia will Build 1.2 million homes by July 2029.
