Gold Coast-based Greyburn to finish $121m project in Brisbane’s southeast

A new builder has started work on a $121m masterplanned community project in Brisbane which was left stranded after the collapse of construction giant Condev.

Two months after the collapse of Gold Coast builder Condev, Frasers Property has appointed another construction company to finish its $121m masterplanned community in Brisbane.

Gold Coast-based Greyburn is on site to complete Frasers’ Minnippi Quarter development at Carina, in Brisbane southeastern suburbs. Greyburn will complete the remaining homes in release three and four as well as the remaining civil works at the project.

On completion Minnippi Quarter will have 172 boutique terrace homes, 20 land lots and associated resident amenities, on a5.2ha site on Fursden Rd.

Greyburn co-director John Kearney says the company was well positioned to deliver the remaining works at Minnippi Quarter.

“We’ve worked closely with Frasers to ensure subcontractors and suppliers have been looked after, and to ensure a smooth transition of the construction contract,” he said. “We look forward to delivering Minnippi Quarter to new residents this year.”

Condev founders Steve and Tracey Marais.

All lots at Minnippi Quarter have sold out, highlighting the appeal of the community which boasts a tree-lined entry boulevard, 6000sq m of private parkland and carefully considered precinct parks. Residents enjoy a central pavilion with a 25m infinity edge lap pool, gym and entertainment spaces with a sunken lounge and barbecue area.

Condev went into liquidation in March after the founders Steve and Tracy Marais were unable to secure a $25m bailout from their developer partners.

The company collapsed under the weight of rising material costs, supply chain issues and the pandemic.

A report by liquidator Worrells found Condev had liabilities of up to $45m, which included roughly $31m owed to unsecured creditors and subcontractors. It had $33m in assets, including its head office at Robina.