- The developer is behind many high-profile projects including the redevelopment of the Nylex site in Cremorne
- The company was founded 20 years ago by Joe Russo
- Has delivered over 3,000 apartments since inception
melbourne-based developer Caydon Property Group has gone into liquidation.
The developer, who is behind many high-profile projects including the redevelopment of the Nylex site in Cremorne in inner-east Melbourne, has cited rising interest rates, Covid-related lockdowns and the recent sales slump as the main reasons behind placing itself under guardianship.
OCP Asia, a non-bank lender, has security over the developers assets, and have appointed McGrathNicol as the bankruptcy trustees.
The company was founded 20 years ago by Joe Russo, and has two projects still under construction – HOME in Aphington and Due North in Preston. The developer said these will be completed and settled despite the bankruptcy.
“Since Caydon’s inception, we have delivered some fantastic projects, including over 3,000 apartments, hotels and offices, which I am extremely proud of,” said Mr Russo in a statement.
“Unfortunately, Caydon has faced one difficult market…
