The Melbourne company, whose projects include the high profile Nylex site on the Yarra River, is now in the hands of receivers and liquidators.
site in downtown San Diego, which Caydon purchased for $US21.1 million in 2019 and where it intended to undertake a $US350 million condominium development, was back up for sale leaving “a decaying building in limbo”.AdvertisementIn a blog post on the Caydon website in June, Mr Russo referenced a 45 per cent rise in building costs in the past eight to 12 months, but said the developer had “addressed these issues with a cool-headed approach”.
A spokeswoman for OCP, which lent Steller up to $120 million, said it would not be commenting on its exposure to Caydon.Secured assets, now under the control of receivers, include completed residential and commercial property, sites under development and land holdings. “OCP Asia intends to support the receivership process, including through the provision of additional funding, to ensure the properties and assets can be progressed and maintained while options for development and/or disposal are explored.
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