Giant $400 million building company Stevens Construction collapses
NSW building company Stevens Construction has collapsed two months after going into voluntary administration.
The firm had a portfolio worth more than $400 million, ranging from luxury apartments and affordable housing to retail projects, but on Friday formally went into liquidation, according to documents filed with ASIC.
Creditors have been told to submit their debts or claims by August 5.
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Stevens Construction has collapsed two months after going into voluntary administration. Stevens Construction
Stevens Construction was established in 2006. It employed 40 staff.
According to its website, its $400 million portfolio includes two luxury apartment buildings with prominent millionaire John Singleton, KFC and McDonald's outlets, as well as a number of Dan Murphys, BWS, Woolworths and other shopping centres.
Stevens is the latest in a long list of construction businesses that have collapsed since the pandemic, with supply chain disruptions, skilled worker shortages and high material costs all taking their toll.
When it appointed administrators in late May, the company said those factors contributed to the company's collapse.
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The fourteen-storey luxury apartment and office building Bonython Tower, built by Stevens Construction with John Singleton. Supplied/Stevens Construction
"The construction industry has faced significant challenges since the onset of the COVID-19 pandemic," it said in a statement on its website.
"Unprecedented disruptions have led to skyrocketing building costs, reduced productivity, and critical shortages of materials and skilled labour.
"These factors have collectively placed immense pressure on Stevens Construction, making continued operations unsustainable."
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