APN Property blasts Grocon over collapse

Nick Lenaghan and Larry Schlesinger

Dec 8, 2020 – 5.34pm

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The collapse of the construction arm of Daniel Grollo's Grocon pits the property scion against boutique Melbourne fund manager APN Property, which is backed by Daniel's father, Bruno, and is claiming status as a creditor.

The awkward son-versus-father scenario has emerged after APN chairman Chris Aylward fired off a strongly worded letter to Grocon's administrator, urging KordaMentha to include in its investigations Grocon's successful build-to-rent business while warning the builder and developer may have been trading while insolvent.

Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts.

Larry Schlesinger was a reporter at The Australian Financial Review