Australia’s biggest residential development took a step closer to sale after creditors of the entity managing the $2.7 billion Sth Bnk project voted for a proposal by directors to sell the site in central Melbourne to repay unpaid bills.

But the proposal – which one person voting called “a shit sandwich” – was uncertain for creditors including AECOM, Arup, Cox Architecture and UN Studio, as administrators had little certainty over the value to be realised from a sale of the Southbank, Melbourne property.