A major Australian property group has gone into voluntary administration, in another blow to the construction industry.
Bensons Property Group announced on Friday that its team made the “difficult decision” to appoint Craig Shepard and Sebastian Ham of Korda Mentha as voluntary administrators of the business.
BPG was founded in 1994 by Elias Jreissati and has housing developments under construction in Tasmania, Victoria and Queensland.
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Its major works include Chevron One, a 41-level residential tower in Chevron Island on Queensland’s Gold Coast.
The $485 million tower has the most expensive penthouse on the coast, with a ticket price of $22 million, as reported by The Australian.
BPG was…
