A construction company has gone into liquidation after building an apartment complex for socialite businessman John Singleton and supermarkets for Coles and Woolworths.
Stevens Construction, established in 2006 on the New South Wales Central Coast north of Sydney, was placed into liquidation on Friday, two months after entering voluntary administration.
The assets of the luxury apartment and commercial building developer will now be sold and divided among creditors, and the company will cease operations.
In 2019, the Erina-based company built the $33 million, 14-storey Bonython Tower complex in central Gosford for the John Singleton Group, which features 56 luxury apartments.
‘Once a gleam in John Singleton’s eye, now a magnificent jewel dazzling the town of Gosford, Bonython Tower marks the beginning of the Central Coast’s boom,’ the company’s website states.
Mr Singleton was also full of praise.
“I want as many people as possible to live the dream of owning the best units or office space in the best location, in the heart of Gosford’s CBD,” he said.
Mr Singleton’s penthouse in the complex sold in 2019 for $1.6 million, buying sweeping views over Brisbane Water.
Stevens Construction is the latest Australian construction company to go into liquidation. Pictured here 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 water-view apartments selling for between $590,000 and $640,000, putting them within reach of average-income single-family buyers who want to live near hospitals and schools.
Stevens Construction’s client list also included supermarket giants Coles, Woolworths, Aldi and IGA, fast food chains McDonald’s and KFC, service stations BP and Mobil, and the New South Wales government.
Stevens Construction (NSW) Pty Ltd was a Tier 2 commercial construction company operating statewide.
Insolvency firm BRI Ferrier, which handled the administration in May, has now been appointed liquidator under the leadership of Peter Krejci, Andrew Cummins and Jonathon Keenan.
In 2019, Stevens Construction won Commercial Builder of the Year at the Newcastle Master Builders Association Construction Excellence Awards.
Apartment builders in particular are struggling as construction companies account for a quarter of insolvencies on the Australian Securities and Investments Commission’s list, following a rise in the cost of building materials coupled with rising interest rates.
The Erina-based firm listed John Singleton (pictured right with his ex-wife Sarah Warry) as one of its high-profile clients.
Directors Steven Mailey and Jason Lewis recently blamed Covid disruptions for the collapse of their business.
“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 skyrocketing construction costs, reduced productivity and critical shortages of materials and skilled labor.’
The wave of construction insolvencies comes as Prime Minister Anthony Albanese pledges Australia will build 1.2 million homes by July 2029.
