July 16th 2024.
NSW-based building company Stevens Construction recently announced their collapse, just two months after voluntarily entering administration. With a portfolio worth over $400 million, which included various projects ranging from luxury apartments to retail developments, the company officially went into liquidation on Friday, as stated in documents filed with ASIC.
According to the instructions given to creditors, they have until August 5th to submit any outstanding debts or claims. This news comes after the recent announcement that a former social housing block in Sydney Harbour will be transformed into luxury apartments, adding to Stevens Construction's impressive portfolio.
Established in 2006, Stevens Construction employed a team of 40 dedicated staff members. As stated on their website, their notable projects include two luxury apartment buildings in collaboration with prominent millionaire John Singleton, as well as popular fast-food outlets KFC and McDonald's. Additionally, they have also worked on various shopping centers such as Dan Murphys, BWS, and Woolworths.
Unfortunately, Stevens Construction is just one of many construction businesses that have faced financial struggles during the pandemic. The company cited supply chain disruptions, a shortage of skilled workers, and high material costs as major contributing factors to their collapse.
In a statement released on their website, the company expressed their challenges with the ongoing pandemic, stating that it has had a significant impact on the construction industry. They mentioned the unprecedented disruptions, which have led to soaring building costs, reduced productivity, and critical shortages of materials and skilled labor. These factors ultimately became too much for Stevens Construction to sustain their operations.
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