Another major Australian developer has gone into voluntary liquidation following the collapse of a major project on the gold coast last year.
Property Solutions Holdings, responsible for some of Brisbane’s most famous urban renewal projects, is leaving behind debts running into millions of dollars, the Courier Mail reports.
The company was founded in 1990 and was responsible for successful developments including The Barracks on Petrie Terrace and Centro on James Street in Fortitude Valley.
Despite its big ticket projects, the company had struggled in recent years due to funding problems and the impact of Covid-19 on the construction industry.
In 2022, one of the group’s affiliated companies Nerang Street Pty Ltd was forced to call in administators, with its prized $500m Queen St Village project going bust.
The project collapse left creditors owed approximately $80m, including some of Queensland’s largest builders.
Hutchinson Builders recently auctioned the riverfront home of Property Solutions director David Blanck to claim back money as financier of the Queen St project.
In a report to ASIC, Nerang Street Pty Ltd blamed the pandemic, a change in property market valuations, and an inability to meet funding arrangements for…