The crisis at Daniel Grollo's Grocon has deepened – the company has been terminated as the developer and builder of a $111 million office project where hardly any work has been done for months.

The Northumberland project in Melbourne's Collingwood – a 12-level inner-city office block – was acquired in 2017 in a fund-through deal by Impact Investment Group, a fund manager backed by the ultra-wealthy Liberman family.