Gold Coast construction giant Condev has been forced to call in liquidators after a plea for a financial lifeline from developers fell on deaf ears.
The company currently has 13 projects under construction across southeast Queensland worth $500 million, including six developments on the Gold Coast.
Condev has been hit by a combination of supply issues, increased cost of materials, COVID and the recent floods.
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Founders Steve and Tracey Marais met with developers on Monday asking them to help keep the company afloat by providing $25 million in financial aid to finish current projects.
But the plea was rejected with at least two developers reportedly cutting ties with Condev shortly after the meeting.
Ms Marais confirmed the company’s downfall in an email to its 100 staff on Tuesday night.
“It is with the heaviest heart that we advise that we have not been able to achieve the outcome from yesterday’s meeting with developers that we’d hoped and the decision to proceed to the liquidation of Condev Construction is now a matter of course.
“It’s heartbreaking to advise that there is no requirement for you to come to work tomorrow.”
“We never dreamed this would be possible but we also never dreamed the world would be affected by a coronavirus and price hikes that would put us out of business.
“We wish you all the very best. We love you guys. You’ve been family.”
Condev’s projects include Allegria at Palm Beach, Allure at Chevron Island, Capital Court at Varsity Lakes, Natura Burleigh Heads, Brooke Residences at Robina One and Cannes Surfers Paradise.