Emerald Lakes company behind construction of hundreds of villas on Gold Coast goes into voluntary liquidation
Director Todd Brown says the winding up is a “standard corporate governance procedure” and the company stopped operating three years ago.
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A COMPANY behind the construction of hundreds of villas at Emerald Lakes has been placed into voluntary liquidation.
On September 4 UC Emerald Lakes Pty Ltd directors Todd Brown and Jonathan Rice signed resolutions to wind up the company voluntarily and appoint Thomas Otway and George Divitkos of SV Partners SA as joint liquidators.
The day before Mr Brown and Mr Rice signed a declaration of solvency stating the company had no liabilities nor assets.
Mr Brown and Mr Rice are the joint managing directors of former Adelaide company Urban Construct, which in 2010 relocated to Queensland and partnered with Emerald Lakes developer Nifsan to complete the $1 billion estate.
A spokesman for Mr Brown said the Emerald Lakes project finished in 2017 and the liquidation was a corporate governance process to wind up an inactive company.
“The project was highly successful for all stakeholders and is another example of a great project delivered in collaboration,” the spokesman said.
He said Urban Construct is no longer an active developer and Mr Brown and Mr Rice have entered semi-retirement.
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The company built nearly 400 villas at Emerald Lakes with Nifsan and embarked on other Gold Coast projects including building 74 luxury villas in Nerang near the train station.
The first stage of the Emerald Lakes project was released in 2012 called The Islands and saw 37 three-storey villas built, a number on the waterfront.
Mr Brown said at the time the company’s first foray into the Queensland market indicated the kind of “quality project” it intended to pursue.
“We have been anticipating commencing work in Queensland for quite some time and are happy to now be able to announce that this project is going ahead, marking what we believe is the start of a long and productive presence in this state,’’ he said in 2012.
“In Emerald Lakes, Nifsan has developed one of Australia’s best masterplanned communities, and The Islands will continue this focus on providing quality properties for both residential and investment buyers.”
UC Emerald Lakes Pty Ltd is one of five Urban Construct companies placed into voluntary liquidation.
The others are 534 RB Plains Road Pty Ltd, Urban Construct (QLD) Pty Ltd,
Urban Construct Developments (QLD) Pty Ltd and Urban Construct Project Marketing (QLD) Pty Ltd.
Urban Construct was responsible for a number of major projects in South Australia.
They included the $600 million Holdfast Shores redevelopment of the cosmopolitan Glenelg foreshore and the $1 billion mixed-use The Precinct in Adelaide’s CBD.
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