Australian property developer Bensons Property Group (BPG) has entered voluntary administration, citing challenging conditions in the construction industry, including rising interest rates and construction costs. However, the company assures that its ongoing projects will not be affected.
KordaMentha has been appointed as voluntary administrators, while McGrath Nicol will act as receivers and managers, overseeing the company’s operations during this period. BPG intends to continue trading throughout the administration and receivership, with a proposal to be presented to creditors. The company emphasizes its commitment to protecting its employees, trade creditors, and apartment buyers, ensuring the delivery of its $1.5 billion development pipeline, which includes over 1,000 new homes.
BPG clarified that this action only involves BPG itself and not other entities within its broader group. All projects currently under BPG management, many already under construction, will proceed as planned. Managing Director and CEO Rick Curtis reassured the hundreds of apartment buyers that their interests are being protected and that there are no plans for redundancies.
BPG joins a growing number of Australian construction companies facing financial difficulties in the post-COVID climate. According to ASIC data, over 2,800 construction companies entered insolvency in the 2023-24 financial year, representing the highest proportion of company collapses across all sectors.
Founded in 1994 by Elias Jreissati, BPG is currently developing over 1,300 apartments across Tasmania, Victoria, and Queensland. Notable projects include a nearly $485 million, 41-story tower on the Gold Coast’s Chevron Island and another 740 apartments in Melbourne suburbs, valued at $452 million upon completion. While some of these homes are finished, others are under construction or awaiting sales before building begins. This comes as the federal government aims to build 1.2 million new homes by 2029.
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