A construction company has plunged into liquidation after building an apartment complex for socialite entrepreneur John Singleton and supermarkets for Coles and Woolworths.
Stevens Construction, established in 2006 on the NSW Central Coast north of Sydney, was placed into liquidation on Friday – two months after it went into voluntary administration.
Assets of the commercial construction and luxury apartment builder will now be sold and divided up among creditors, with the company ceasing to trade.
The Erina-based company in 2019 built the $33million, 14-storey Bonython Tower complex in central Gosford for the John Singleton Group, featuring 56 luxury apartments.
‘Once a glimmer in John Singleton’s eye, now a magnificent jewel bedazzling the city of Gosford – Bonython Tower marks the beginning of the Central Coast boom,’ the company’s website stated.
Mr Singleton was also gushing in his praise.
‘I want as many people as possible to live the dream of owning the best units or office space in the best location, in the heart of the Gosford CBD,’ he said.
Mr Singleton’s penthouse in the complex in 2019 sold for $1.6million, with that money buying expansive views over Brisbane Water.
Stevens Construction is the latest Aussie building company to go into liquidation. Pictured is one of its projects- the 14-storey Bonython Tower
The Erina-based company last year built the $35million, 14-storey Bonython Tower complex in central Gosford for the John Singleton Group
The Mann Street complex features two-bedroom, water-view apartments selling for $590,000 to $640,000 – putting them within reach of average-income earners buying alone who want to live near hospitals and schools.
The client list for Stevens Construction also included supermarket giants Coles, Woolworths, Aldi and IGA, fast food chains McDonald’s and KFC, service stations BP and Mobil, and the NSW government.
Stevens Construction (NSW) Pty Ltd was a tier 2 commercial construction business operating across the state.
Insolvency firm BRI Ferrier, which handled the administration in May, has now been appointed liquidator under the guidance of Peter Krejci, Andrew Cummins and Jonathon Keenan.
In 2019, Stevens Construction won Commercial Builder of the Year Award at the Newcastle Master Builders Association Excellence in Building Awards.
Apartment builders in particular are struggling with construction firms making up a quarter of insolvencies on the Australia Securities and Investments Commission list, following a surge in building material costs in tandem with soaring interest rates.
The Erina-based company listed John Singleton (pictured right with estranged wife Sarah Warry) as one its high profile clients
Directors Steven Mailey and Jason Lewis recently blamed Covid disruptions for the collapse of their business.
‘The construction industry has faced significant challenges since the onset of the Covid-19 pandemic,’ they said in May.
‘Unprecedented disruptions have led to skyrocketing building costs, reduced productivity, and critical shortages of materials and skilled labour.’
The spate of construction insolvencies is occurring as Prime Minister Anthony Albanese promises that Australia will build 1.2million homes by July 2029.