Probuild collapse puts Darling Harbour’s The Ribbon development finish date in doubt

The collapse of a major Australian construction firm could leave crucial Sydney development sites dormant, business experts have said.

Sydney “cannot afford” to have a major landmark like Darling Harbour’s former IMAX site remain dormant, with calls for clarity over its future after the latest builder tasked to finish the site collapsed.

Probuild, who were scheduled to complete building the centrepiece harbour site later this year, was placed into administration last month – just over 12 months after they took over the project from the previous builders who also collapsed into administration.

The Ribbon development site at Darling Harbour. Picture: NCA NewsWire / Jenny Evans

Paul Nicolaou, the executive director of Business Sydney, said as construction at the landmark site enters a sixth year, answers were needed over when it would be completed.

“As we emerge from Omicron and begin rebuilding our city’s economy and international reputation, we cannot afford to have major building projects sitting incomplete and dormant, especially in such important tourist destinations like Darling Harbour,” he said.

Probuild were placed into administration last month. Picture: NCA NewsWire / Jenny Evans

“Completion of this fabulous addition to the city’s skyline and the visitor economy must be sorted out as soon as possible as Sydney competes with other domestic and international destinations for tourists and to stimulate the economy of this valuable precinct on the edge of the CBD.”

A spokeswoman for developers Greaton said the firm was now working with Deloitte, the administrators appointed to handle Probuild’s collapse, to “complete the final components of the building as soon as possible”.

While a deal was struck on Monday with construction firm Roberts Co buying Probuild’s Victorian developments, the Darling Harbour site is among the NSW projects yet to find a finisher.

Construction on the former IMAX site – now termed The Ribbon and boasting a distinctive curved outline – began in 2016, with the massive project including a luxury hotel termed the W Sydney spread across 25 floors, as well as a new IMAX Theatre and serviced apartments.

A spokeswoman from the Department of Planning and Environment said the Darling Harbour development was “well advanced” and that the government was keeping an eye on the project.

“The 30-storey development is well advanced and will include a new hotel, serviced apartments, retail, a new technology theatre and significant upgrades to the public domain including a new playground and amenities,” she said.

“The Government continues to monitor progress to ensure the delivery of the development, in accordance with contractual obligations.”