Off-the-plan buyers of 500 apartments in limbo as GCB Constructions sites lay idle

Off-the-plan buyers of more than 500 Gold Coast apartments are looking for answers as sites of six major tower developments remained idle.

Off-the-plan buyers of more than 500 Gold Coast apartments are looking for answers as sites of six major tower developments remained idle.

Sites of builder GCB Constructions have wound down since the weekend, with subbies claiming unpaid invoices and removing tools as concerns mount over company stability.

GCB’s four Gold Coast projects have combined costs of more than $500m, with almost 500 apartments under way, many already under contract to hopeful buyers.

GCB Constructions Vantage View apartments at Benowa where work has stopped and construction workers have been collecting their tools. Tuesday 9th May 2023. Picture: David Clark

They include the fifth tower in the $200m Vantage project at Benowa; $160m Amaya Broadbeach; Drift Main Beach; $51m Cote Palm Beach; Si Bilinga and the $182m Marine Quarter Development, at the northern end of Southport’s Broadwater Parklands, which was the subject of a court battle between GCB and developer Buildcap.

The Bulletin has contacted Buildcap’s managing director Stuart Biggs and GCB managing director Trent Clark for comment.

GCB Constructions Vantage View apartments at Benowa where workers were removing equipment on Tuesday. Picture: David Clark

Runaway Bay doctor James Ellingford has bought a three-bedroom corner apartment in the second tower of the $182m Marine Quarter project at Southport.

While construction is well under way on the project’s first tower, no work has been done on tower two, which is almost fully sold. There are 265 apartments planned for the towers.

Dr Ellingford intended to rent it out for a while before moving in himself.

“I’ve got 1000 questions, I’m very disappointed,” he said.

“It’s a damn shame – it just means we’re in a sort of limbo while we see what happens.”

The GCB Constructions Marine Quarter site was all but deserted on Monday morning, May 8, 2023. Pic: Kathleen Skene

Recently-introduced laws require builders to establish project trust accounts for all projects over $10m, to protect subcontractor payments.

This is separate from the trust accounts required to protect buyer deposits.

The stalled sites seem to have surprised developers of the towers, with two developers posting a positive construction update video to social media in the past week.

Facebook posts by developers contracted with GCB Constructions.

At Drift Main Beach, a GDI Group development, posted a video showing progress on the basement of the tower, which is supposed to reach 30 levels and include 46 apartments.

The site was chained and locked on Tuesday, with no signs of anyone working and no generators running.

The Bulletin has contacted GDI Group for comment.

Fellow Gold Coast developer Rayjon has two current projects with GCB – Vantage View at Benowa and Vantage Burleigh.

Facebook posts by developers contracted with GCB Constructions.

The $45m, 14-level, 56-apartment Burleigh project was due for completion late last year, but has been repeatedly delayed during construction and was yet to settle in March.

View is the fifth and final building in Rayjon’s $200m Vantage project at Benowa, featuring 15 levels with 120 apartments.

It was due for completion this July but the roof has only just been poured.

The Bulletin has contacted Rayjon for comment.

Originally published as Off-the-plan buyers of 500 apartments in limbo as GCB Constructions sites lay idle