A succession of market hits over the past few years has combined with the latest inflationary pressure on the construction industry to claim another high-profile victim with liquidators appointed to part of melbourne’s Caydon Group.
Hong Kong-based financier OCP Asia called in receivers to subsidiaries of Caydon Group, after liquidators were appointed to the company which is undertaking the $1 billion Malt District redevelopment in Cremorne, Melbourne.
Caydon Group is a prolific developer that has delivered more than 3,000 apartments, hotels and offices over the past 20 years – a record that managing director Joe Russo says he is ‘immensely proud of’.
“Sadly, over the last few years Caydon has had to deal with one difficult market situation after another,” Russo says.
“The latest and really confronting challenge we’ve been facing has been the pricing factors affecting the Australian property and construction industry.
“The significant disruption to our business created by two years of COVID-19 lockdowns in Melbourne has caused business uncertainty and severely impacted sales.”
Russo describes the liquidation as an ‘extremely difficult’ decision for the company to make.
“Pressure on construction costs…
