Property developer Bensons Property Group says it will complete its $1.5-billion development pipeline across three Australian states despite entering voluntary administration.
The company is reportedly managing more than 1300 apartments.
Craig Shepard and Sebastian Ham of KordaMentha have been appointed as administrators, while Keith Crawford and Matthew Caddy of McGrath Nicol will oversee operations as receivers and managers.
Under a proposed restructuring plan, the company intends to protect employees, trade creditors and apartment purchasers while delivering its existing projects.
In a company statement, Bensons said the voluntary administration “only relates to BPG and does not extend to any other entity within the broader group”.
The statement said that “all projects currently being managed by BPG, many already under construction, would not be affected”.
The melbourne-based developer’s portfolio includes Chevron One, a 41-storey tower with 236 apartments on the gold coast’s Chevron Island, valued at $485 million.
Other developments include Society Armadale in Melbourne’s inner south; Montpelier House in Hobart with 21 homes, each valued up to $9.28 million; and 740 apartments across Melbourne’s suburbs with a…
