Major property developer Caydon Property Group has collapsed into receivership, threatening the future of projects worth over a billion dollars, including the historic Nylex site on Melbourne’s Yarra River | simonjohanson
Another major property developer, Caydon Property Group, has collapsed into receivership, threatening the future of projects worth over a billion dollars, including the historic Nylex site on Melbourne’s Yarra River.
Construction costs, builder insolvencies, supply chain interruptions, interest rate pressures and negative house price sentiment put further pressure on the company’s finances, he said.The firm’s woes were exacerbated by the collapse of top-tier builder Probuild. It was under contract to construct the first stage of Caydon’s Nylex ‘Malt District’ development before it, too, went under in March.
Heritage Victoria approved plans for the area that required the developer to keep the majority of the concrete silos under the Nylex clock sky-sign intact, at one stage they were earmarked for demolition, because of their significance as a marker of Richmond’s industrial past. Earlier this month, another large private developer, CBD Development, put six companies that rely on rental income from commercial and residential tenants into liquidation, blaming government rent relief measures and the pandemic for their failure.
Steller, run by Nicholas Smedley and Simon Pitard, owed OCP Asia $97.3 million. It is not known at this stage how much OCP is owed by Caydon.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Redevelopment plans for historic Sydney rail workshops unveiledBuildings up to 28 storeys will be constructed on 10 hectares of railway land near Redfern station in central Sydney under state government plans.
Read more »
The historic photo that celebrates a moment of unity and pride in Indigenous Australian representationIndigenous parliamentarians from diverse First Nations hope they can work together across party lines to bring meaningful change
Read more »
Labor pledges $4m for Aboriginal families affected by Youpla funeral fund collapseThe emergency relief package for families struggling to pay for burials includes a payout for expenses equal to the one they were promised by the disgraced insurer
Read more »
Government announces funding for customers of collapsed funeral fundFour months after a funeral insurer collapsed, leaving thousands of First Nations customers out of pocket, the government offers funding to cover funerals.
Read more »
Developers are banking land and driving up the cost of housingIt’s often said that sky-high property prices could be fixed by the release of more land but a new report suggests this is not the case – and that developers are gaming the system. | EXCLUSIVE carawaters
Read more »