A construction company has gone bust after building an apartment complex for socialite entrepreneur John Singleton and supermarkets for Coles and Woolworths.
Stevens Construction, founded in 2006 on the NSW Central Coast north of Sydney, was declared bankrupt on Friday, two months after the company was placed into voluntary administration.
The commercial construction and luxury apartment builder’s assets are being sold and distributed to creditors and the company is ceasing operations.
The Erina-based company built the $33 million, 14-storey Bonython Tower complex in central Gosford for the John Singleton Group in 2019, featuring 56 luxury apartments.
‘Once a twinkle in John Singleton’s eye, now a magnificent jewel dazzling the town of Gosford, Bonython Tower marks the beginning of the Central Coast’s boom years,’ the company’s website states.
Mr Singleton was also very complimentary.
“I want as many people as possible to realise the dream of owning the best units or office space in the best location, in the heart of Gosford’s CBD,” he said.
Mr Singleton’s penthouse in the complex sold for $1.6 million in 2019, buying him sweeping views over Brisbane Water.
Stevens Construction is the latest Australian construction company to go bust. Pictured is one of their projects: the 14-storey Bonython Tower
The Erina-based company last year built the $35 million, 14-storey Bonython Tower complex in central Gosford for the John Singleton Group
The Mann Street complex consists of two-bedroom apartments with water views. Prices range from $590,000 to $640,000, making them affordable for middle-income earners who want to live alone and be near hospitals and schools.
Stevens Construction’s client list also included supermarket giants Coles, Woolworths, Aldi and IGA, fast food chains McDonald’s and KFC, BP and Mobil petrol stations and the New South Wales Government.
Stevens Construction (NSW) Pty Ltd was a Level 2 commercial construction company operating throughout the state.
Insolvency firm BRI Ferrier, which handled the administration in May, has now been appointed liquidator, led by Peter Krejci, Andrew Cummins and Jonathon Keenan.
In 2019, Stevens Construction won the Commercial Builder of the Year Award at the Newcastle Master Builders Association Excellence in Building Awards.
Apartment builders in particular are struggling. A quarter of the bankruptcies on the list of the Australia Securities and Investments Commission are construction companies. This is due to the rising cost of building materials and rising interest rates.
The Erina-based company listed John Singleton (pictured right with his estranged wife Sarah Warry) as one of its high-profile clients
Directors Steven Mailey and Jason Lewis recently blamed the COVID-19 crisis for the collapse of their company.
“The construction sector has faced major challenges since the start of the Covid-19 pandemic,” the researchers said in May.
‘Unprecedented disruptions have led to skyrocketing construction costs, reduced productivity and severe shortages of materials and skilled labor.’
The wave of construction bankruptcies is growing as Prime Minister Anthony Albanese pledges Australia will build 1.2 million homes by July 2029.