Caydon

Another company in the building and construction sector has gone into liquidation with Melbourne-based Caydon Property Group announcing receivers had been ...

'Sadly, over the last few years, Caydon has had to deal with one difficult market situation after another. Caydon Property Group founder Joe Russo blamed Melbourne's 'prolonged' Covid-19 lockdowns plus the escalation in construction costs, supply chain delays and rising interest rate pressures as among the reasons for going into receivership Yet another property and construction group has gone to the wall blaming the effects of the Covid-19 pandemic, with receivers appointed to Caydon Property Group.

The multi-billion dollar Melbourne developer blames lockdowns, interest rates and the recent sales slump for its demise.

“Unfortunately, Caydon has faced one difficult market situation after another in recent years. The developer, who is behind many high-profile projects including the redevelopment of the Nylex site in Cremorne in inner-east Melbourne, has cited rising interest rates, Covid-related lockdowns and the recent sales slump as the main reasons behind placing itself under guardianship. - The developer is behind many high-profile projects including the redevelopment of the Nylex site in Cremorne

Lockdowns, interest rate rises and soaring construction costs have been blamed for parts of a Melbourne developer going into liquidation. 4 min read.

The developer refused to reveal how many apartments had been sold off-the-plan for the project, but said buyers had been notified that the build had been cancelled and their deposits had been refunded. Stream more business news live & on demand with Flash. 25+ news channels in 1 place. A Melbourne developer, Central Equity, abandoned plans to build a $500 million apartment tower on the Gold Coast blaming the crisis in the building industry and surging construction costs for making the project unprofitable. New to Flash? Try 1 month free. The partial collapse of Caydon comes less than a week after a Perth developer killed off a $165 million luxury tower, where more than 50 per cent of apartments had been bought off the plan, blaming skyrocketing construction costs and labour shortages. “It has been extremely difficult to make this decision, but to ensure the best possible outcome for all of our partners and customers, we have had to commence the liquidation of part of our Australian business.”

Prolific Melbourne apartment developer Caydon Property Group has collapsed into receivership, with more than $1 billion worth of projects in peril...

“We will be working constructively with all stakeholders, including financiers of individual properties, to secure the best possible outcome for all parties. “It has been extremely difficult to make this decision, but to ensure the best possible outcome for all of our partners and customers, we have had to commence the liquidation of part of our Australian business.” “The Receivers are undertaking an urgent financial assessment of the properties and assets under their control,” Mr Hutton said in a statement.