Bensons Property Group’s sudden demise has left hundreds of luxury apartments in limbo, including a $50m super-penthouse belong to its chairman and founder Elias Jreissati and his wife Colleen at its ambitious Chevron One Residences on the gold coast.
Founded by Lebanese immigrant, philanthropist and art collector Mr Jreissati in 1994, Bensons went into voluntary administration on Friday, the latest casualty of the construction sector driven by inflationary pressures in the sector.
The Jreissati family, which separately also owns the up-market Levantine Hill Estate winery in Victoria’s Yarra Valley, is hopeful for a deal to be put to Bensons’ creditors next month that will have tradies continue to be paid, properties completed and handed over to buyers whose deposits will be protected, The Australian has learned.
This would allow Bensons to complete its pipeline of more than 1300 homes – all apartments – across Tasmania, Victoria and Queensland, but it is among the biggest casualties of soaring construction costs in the past two years that have driven many out of the business.
Bensons’ crown jewel currently under construction, Chevron One Residences worth nearly $500m, will have more than 200 apartments upon…