News

$5bn worth of projects under cloud of uncertainty


A huge cloud hangs over $5 billion in building projects around Australia amid fears Probuild, one of the countries largest construction companies, is on the brink of financial ruin.

This morning tradies turned up a large Probuild building site in Melbourne’s CBD to try and get rescue their tools, only to find the entry gates locked shut.

It is understood administrators will soon be appointed.

Tradesmen leave Probuild construction sites in Melbourne. (Nine)

Probuild is expected to make some kind of major announcement around 10am this morning.

Tradies onsite told 9News of chaotic scenes yesterday, as hundreds of workers were been booted off worksites across the country.

Subcontractors and tradesmen walked off the site, including on Melbourne’s O’Connell Street, where Probuild is behind a build for biotech giant CSL.

Workers were seen loading large amount of equipment and tools from Probuild building sites.

Subcontractor are believed owed huge amounts of money.

Probuild’s portfolio of ongoing work across Australia estimated to be valued at $5 billion and includes Greenland Centre, Sydney’s tallest residential building.

Long building delays and company not having enough money to pay its subcontractors are believed to be the factors behind Probuild’s expected collapse.

A tradesman who fled one of the building sites told 9News: “All the contractors are owed hundreds of thousands of dollars.

“No one’s going to get their money,” he said.



Source link

Leave a Reply

Your email address will not be published.