Monday, September 25, 2023

Building company liquidated

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What’s next for Wallaroo Shores?

Jess Liddy, Yorke Peninsula Country Times

Commercial building company Felmeri Homes has been liquidated.

The appointed builder of the Wallaroo Shores resort development went into voluntary administration in May.

Felmeri has debts of between $10 million and $20m owed to up to 35 organisations including site developer Copper Coast Investments (Monopoly Property Group) and Mobil Kadina.

At the meeting of the company’s creditors on Monday, July 17, it was resolved Felmeri Builders and Developers Pty Ltd (trading as Felmeri Homes) be wound up and administrator Leigh Prior appointed as the company’s liquidator.

The company provided a Deed of Company Arrangement to the administrator on July 13 in a last ditch-bid but Mr Prior clarified there was no “DOCA builder” involved with the proposal.

MPG founder Ben Howard said the Wyndham Wallaroo Shores Resort was still progressing.

“Our project development partners, investors and project management team are committed to delivering a successful outcome,” Mr Howard said.

“It’s been amazing to see both local and international groups come together to overcome difficult market conditions and the added complexity of the builder going into liquidation.

“The group is very passionate, as are we, to overcoming these issues.”

Mr Howard said the company was in the process of signing new agreements which include revised timelines and funding requirements for the completion of the project.

“We have been working with residential and larger commercial builders who have the ability to coordinate the successful delivery of the project to a high standard,” he said.

“We’re looking forward to commencing the project as soon as possible and re-engaging with the local trades and the community.

“The project timeline will be pushed back, and until a new builder has been engaged and a revised program prepared with trades booked, we can’t advise a new timeline.”

Copper Coast Council mayor Roslyn Talbot concedes the circumstances surrounding the resort are unfortunate.

“A new builder is being sought by Copper Coast Investments to complete the townhouses and I am advised they have the funds for this process,” Mrs Talbot said.

“Fortunately, liability to council on this parcel of land is very low and consequently council is not financially impacted by this development.

“Council is continuing to work with Copper Coast Investments in pursuing the development and vision for this land and to ensure funds owed to council are paid in full.” 

Yorke Peninsula Country Times 25 July 2023

This article appeared in the Yorke Peninsula Country Times, 25 July 2023.


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