Sunshine Coast building company Dynasty Property Developments Pty Ltd brings in liquidators

A first-time homeowner who borrowed to build a shed and home for his young family is among customers across the country who have been left with just a slab on the ground after the collapse of a Sunshine Coast company.

Nicholas Malcholm has been left with an empty concrete slab after paying more than $50k for a shed.

A Sunshine Coast shed company’s collapse has sparked uproar across the country, with customers claiming they have paid tens of thousands of dollars for sheds that have not been delivered.

The company, Dynasty Property Developments Pty Ltd appointed liquidator David Stimpson from SV Partners on Tuesday, May 7, 2024.

According to the Australian Securities and Investments Commission documents Kathleen Hansen is both the director and secretary of the company, which is based in Pelican Waters.

The previous director and secretary is listed as Trent Shaw, according to the corporate regulator’s documents, who acted in those roles up until May 2022.

The ASIC notice stated it was decided last week Dynasty Property Developments was to wind up operations.

“Notice is given that at a general meeting of the members of the company held on 3 May 2024, it was resolved that the company be wound up,” the notice stated.

Ms Hansen is also listed as a co-director for a charity, Dynasty Foundation, by the Australian Charities and Not-for-profits Commission, alongside Mr Shaw.

The ACNC charity profile describes the Dynasty Foundation, which was founded in 2021, as an entity “advancing social or public welfare”.

Kathleen Hansen and Trent Shaw are listed as co-directors of the Dynasty Foundation.

Redland Bay couple, Adam and Karly Connolly, said they signed a contract with Dynasty Property Developments in September last year for sheds worth a total of $182,000, but have received “absolutely nothing”.

“We signed a contract with them back in September and we have outlayed $182,000 to date and we have nothing,” Mr Connolly said.

“They sent out messages saying we need you to pay for these sheds up in advance, which meant 20 tonnes of steel, steel working and fabrication.”

Mr Connolly said he previously planned on giving Dynasty Property Developments shed space to use as advertising for their charity, before the company ceased operating.

Nicholas Malcholm from Gippsland Lakes, Victoria paid Dynasty Property Developments $55,000 for a large shed but has been left with a concrete slab.

Another client, John Fordham, who owns a hobby farm in Cooroy, said he estimates he is owed approximately $170,000 by Dynasty Property Developments after he signed a contract for a large shed to cover a horse arena.

“We got the approval for the construction and then (Dynasty) they keep emailing us, saying the shed is half complete and your next payment is due,” Mr Fordham said.

“Then in January they said the shed is going to be on your place in four weeks, but there is going to be a steel cost increase and to avoid that pay the last payment now.”

Mr Fordham said he was “pretty devastated” when he realised the company had ceased operating.

“I have gone to the office, I’ve tried emailing, tried ringing but I have heard nothing,” Mr Fordham said.

Nicholas Malcholm said he worked for six years to afford a home equipped with a shed for his family.

Victorian first-time homeowner, Nicholas Malcholm, said after working for six years to afford a big enough shed to house his business he too has now been left with a just concrete slab.

Mr Malcholm told this publication he paid Dynasty Property Developments approximately $55,000 for the shed on his property in Gippsland Lakes.

“I don’t know what to do, the worst part is I borrowed this money for the shed and the house, it is a real kick in the guts,” Mr Malcholm said.

“It is heartbreaking, it’s the hard earned money I worked for.”

Shed Beast, Dynasty Foundation and Mr Stimpson have been contacted for comment.

Originally published as Sunshine Coast building company Dynasty Property Developments Pty Ltd brings in liquidators