The Australian construction industry faces another setback as Bensons Property Group enters voluntary administration. The melbourne-based developer, with a portfolio of high-profile projects, cited rising construction costs and increased interest rates as primary challenges.
Administrators and Receivers Appointed
Bensons Property Group appointed Craig Shepard and Sebastian Ham of Korda Mentha as voluntary administrators. Keith Crawford and Matthew Caddy of McGrath Nicol will act as receivers and managers to oversee the company’s ongoing operations.
The company stated that the administration process aims to protect employees, creditors, and apartment buyers while ensuring the delivery of its $1.5 billion development pipeline.
“This will ensure BPG’s employees, trade creditors and people who have purchased apartments are protected,” the company said. “Its $1.5 billion project development pipeline will be delivered, which means over 1000 new Australian homes.”
