Midwater Main Beach developers York Property appoint related company Heran to finish build
A new builder has been named for a delayed $100m Gold Coast tower, but buyers are still in the dark about when they’ll move in and what the delay will cost them. Read the latest
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Buyers in a troubled $100m Gold Coast tower are still in the dark about when they’ll be able to move into their beachside apartments – and what it could cost them.
Work recommenced on Midwater at Main Beach in early November after an explosive payment dispute with the builder saw the site sit dormant for almost two months.
Developer York Property Holdings, part of the Heran Group, this week said they would forge ahead with the build themselves after major builder Tomkins left the site of the 119-apartment tower.
A statement from York on Thursday said it had appointed related company Heran Construction to “complete Midwater’s structure and external window facade system as an interim measure to progress works on the site”.
“It is intended that Heran Constructions will also be appointed to complete the remainder of the construction of Midwater, with engagement terms currently being finalised,” the statement said.
Heran Construction No 1 holds a category five Qld builder licence for maximum revenue of up to $120 million a year.
The company did not answer a question on whether price adjustments would be made to buyer contracts, and did not rule out cancelling existing contracts.
Sunset clauses in pre-sale contracts allow either party to terminate if construction has not completed by an agreed date.
Unit prices in Main Beach have swelled by as much as 88 per cent since 2021, gifting developers a lucrative incentive to cancel contracts and resell apartments at current market values.
Some Gold Coast developers have already taken advantage of the clauses, to the detriment of their devastated buyers.
Asked whether it would rule out using sunset clauses against its buyers, York said its completion date with Tomkins was November 14 of this year.
“York is currently working with subcontractors, suppliers, consultants and project planners to determine a new completion date,” the statement said.
“Consequently, our assessment of revised timelines is still ongoing.
“Our top priority is completing Midwater to the highest quality for our apartment purchasers.”
The dispute over the 39-storey Midwater project erupted when the developer locked the site’s main access gates with Tomkins workers inside, sparking a “disturbance” which led to police being called.
York said it was “delighted to see activity occurring on the construction site again after the anguish Tomkins’ delays caused apartment holders”.
“The response from apartment holders about our progress has also been positive and we have committed to keeping them informed as information becomes available,” it said.
New Queensland laws around sunset clauses for the sale of land were introduced in November 2023, requiring written consent from a buyer before a contract can be terminated, or a Supreme Court order.
However, contracts for unsettled apartments can still be terminated by the seller or buyer on the sunset date.
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Originally published as Midwater Main Beach developers York Property appoint related company Heran to finish build
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