A key commercial mixed-use tower project of Probuild’s has restarted after just nine days, minimising disruption and boosting hopes for a smooth transfer to a new builder.
. Under traditional administration processes, construction can only resume after a new company takes over.Developer PDG said it was a big achievement to be able to restart work so quickly on the second stage of the 35,000-square-metre office and laboratory space that includes 1000 square metres of ground-floor retail.
A speedy transfer of projects or a resumption of work is the best way to keep up the momentum on projects in Probuild’s $5 billion workbook. It also minimises contingent liabilities on the books of the collapsed company, as it reduces drawdowns on bank guarantees and construction bonds Probuild took out when it was appointed to the projects.
Mr Giuliano said he hoped completion of the CSL project could still be achieved this year as planned, despite losing two weeks of work. He said it would require additional hours on site, a move which had won union support.
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