Melbourne builder Bayside Construct, which won a national award last year for the country’s best medium-rise residential development, has collapsed under debts of about $20 million.
Cor Cordis administrator Sam Kaso made 49 people redundant from the Port Melbourne-based company upon being appointed as voluntary administrator on Thursday and has retained seven staff to help transfer the company’s 12 projects – with a total contract value of $113 million – to other builders.
“We’ve made an urgent assessment of the business and all of the contracts and it wasn’t feasible to pursue a trade-on of the Bayside Group,” Mr Kaso told The Australian Financial Review on Tuesday.
“All [the projects were] at various stages, all [were…
Read the full article at: https://www.afr.com/real-estate/residential/melbourne-home-builder-bayside-construct-goes-into-administration-20180709-h12gw3
