PBS Building

National construction firm PBS Building is the latest to have stopped work on-site at its development projects after a wave of construction insolvencies hit ...

It is also supposed to be working on the 19-storey Shoreline development by Marquee Developments. It went on to deliver a large section of the Sydney Olympic Village and open offices in Sydney and Brisbane. “Today, we are one of Australia’s most insightful, reputable and collaborative construction companies and our team culture and client loyalty are the greatest measures of our success,” it said on its now-defunct website. “We became aware that PBS was experiencing challenges in January as a result of the sustained impact of cost, supply, and labour pressures resulting from the Covid-19 pandemic and extreme weather events,” Cheung said. Following a wave of construction insolvencies across the country, national construction firm PBS Building is the latest to have stopped work onsite. It is not the only development impacted by the sudden cessation of work by PBS.

Canberra Builder Abandons Job Site amid Financial Strife PBS Building, a major building company that operates in the ACT, Queensland, and NSW, has abandoned ...

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A national building company founded in Canberra and with ongoing projects in the national capital is on the brink of…

No more talk. “No more buck-passing. A national building company founded in Canberra and with ongoing projects in the national capital is on the brink of collapse.

A wave of corporate failures, and resulting unpaid debts, could damage the sector's ability to tackle Australia's chronic housing shortage, the CFMEU warns.

Connect with Michael on [[email protected]](mailto:[email protected]) [Sign up to our weekly Inside Property newsletter.](https://login.myfairfax.com.au/signup_newsletter/10101?channel_key=9ME3ACTT4ZYY1fEMfvR2EA&callback_uri=https://www.afr.com) [Michael Bleby](/by/michael-bleby-j67se)covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. Michael is based in Melbourne. “The operations of the company during the financial year were impacted by both COVID and the well-publicised flow-on impacts to the construction industry, including material and labour shortages, substantial increase in wet weather across the country and significant increases in the price of materials and wages,” the company said. “As the projects that were mostly affected by these impacts are close to finalisation, the Company remains in a solid position to meet the challenges that exist within the construction industry in the future.” [risk for the economy](https://www.afr.com/property/residential/wider-economy-at-risk-as-construction-loans-hit-15-year-low-20230303-p5cp40) is that a wave of failures and the unpaid debts that would ricochet through the economy slash the capacity of the industry to build more housing – the pipeline of which has already shrunk due to soaring borrowing costs – at a time when demand is ramping up.

The company's move follows several construction businesses' collapse this year alone, including EQ Projects in Sydney, LDC in Queensland, and Delco Building ...

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Major building company with $90m turnover shuts down website, locks up projects ... Contractors for the major builder which has massive projects in three states ...

No more talk. “No more buck passing. The firm has an average of $173,000 in overdue payments, compared to the industry average of $16,000. The highest credit it has owed to someone in the past five years was $839,000. According to the filing, PBS Building had $27.5 million worth of assets as at the end of the last financial year. That said, PBS Building’s turnover increased by 18 per cent in the financial year just ended, with a revenue of $90.8 million. PBS Building reportedly has just shy of 200 staff and multiple multimillion dollar projects in the works. The builder, with its head office in Canberra but also offices across the eastern states, was contracted for a massive $53 million development known as the Melrose project in the suburb of Woden. PBS Building, a multimillion dollar firm which does a mix of commercial and residential projects, is in the spotlight after appearing to abandon projects. On Monday, the site of a major project in Queensland appeared abandoned, News.com.au understands the company also has sites along the NSW south coast and in Sydney. A prominent Australian building company spanning across three states is “teetering” on the edge of ruin, a top union member has warned.

The list of developments impacted by PBS Building's sudden shutdown has grown, with construction halting at sites in Woden and Red Hill.

Brittney Levinson joined The Canberra Times in 2021 as part of ACM's national property team. As the region's dedicated property journalist, Brittney covers everything from real estate trends and new developments through to the stories behind the record-breaking sales. Our new comment platform requires only one log-in to access articles and to join the discussion on The Canberra Times website. [how to register](https://www.canberratimes.com.au/story/7739877/canberra-times-launches-new-commenting-platform/) so you can enjoy civil, friendly and engaging discussions. We've made it a whole lot easier for you to have your say. Get in touch: [email protected] PBS had not responded to calls from The Canberra Times on Tuesday morning. In response to questions from The Canberra Times, a Stockland spokesperson said its relevant job sites had been "secured". PBS Building was engaged as one of the builders at Stockland had engaged PBS Building for their portion of the project. "In due course we will engage a different builder to complete the works and will then sit down with the new builder and have a discussion with subcontractors and suppliers that were engaged by PBS on the Melrose project to find a way forward," he said. Elanor Investors Group, the owner of Belconnen Markets, had not responded to questions by The Canberra Times at the time of publishing.

A Queensland family is concerned after getting into $640000 debt for a townhouse only to learn their builder is “teetering on the edge of ruin”.

On Monday, he witnessed tradies visiting the construction zone to collect their tools. According to the filing, PBS Building had $27.5 million worth of assets as at the end of the last financial year. The firm has an average of $173,000 in overdue payments, compared to the industry average of $16,000. Several mega projects contracted to PBS elsewhere in Queensland and in the ACT have ground to a halt, including a massive $53 million development known as the Melrose project in the Canberra suburb of Woden, as well as a 19-storey development called Shoreline, in Surfers Paradise, and a townhouse project in Helensvale. Incoming Construction, Forestry, Maritime, Mining and Energy Union National Secretary Zach Smith said on Tuesday morning PBS Building was “teetering on the edge of ruin”. “Construction is back in full swing for the year, with our building partner (PBS Building) working hard to bring your future home to life,” part of the email read. The project is meant to be completed in the first half of next year. Since the news broke of PBS Building being on shaky ground on Monday, Michael says he has heard “radio silence” from his developer. In a statement, PBS Building said its board of directors and founder Ian Carter had “made the incredibly difficult decision” to hand the company over to insolvency experts. PBS Building’s problems seem to have come out of the blue, with Stockland emailing customers on Friday over the Curl with positive news. “That sunset clause is going to pass and the capital growth on these properties has gone up a lot.” “I was going to talk to some of the workers yesterday when they were packing up but they looked angry,” he said.

A major Australian construction company that raked in more than $90million last year has gone into voluntary administration.

Some have been with the business for 25 years. Staff were told of the company's collapse on Monday. In relation to our current projects, we secured, not abandoned, these sites with the express purpose of not incurring any further expenses. Many of the company's construction sites have now been left in the lurch. The company suffered losses of $558,514, in the financial year prior. PBS had a revenue of $90.8million last year but had losses of $4.3 million in the last financial year, news.com.au reported.

The Canberra-based builder that was 'teetering' earlier this week appointed voluntary administrators to five of its companies on Tuesday.

“In relation to our current projects, we secured, not abandoned, these sites with the express purpose of not incurring any further expenses. [Sign up to our weekly Inside Property newsletter.](https://login.myfairfax.com.au/signup_newsletter/10101?channel_key=9ME3ACTT4ZYY1fEMfvR2EA&callback_uri=https://www.afr.com) [Michael Bleby](/by/michael-bleby-j67se)covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. Connect with Michael on [[email protected]](mailto:[email protected]) The five PBS companies had a collective 80 residential and commercial projects under way in different stages. “In due course a different builder will be engaged to complete the works and we will then sit down with the new builder and have a discussion with subcontractors and suppliers that were engaged by PBS on the Melrose project to find a way forward,” Doma general manager for development Gavin Edgar said. The companies put into administration were PBS Building Pty Limited, PBS Building (ACT) Pty Limited, PBS Building (NSW) Pty Limited, PBS Building (QLD) Pty Limited and PBS Management Company Pty Ltd.