Condev Construction property portfolio revealed after company sold $500k unit before collapse
Condev Construction cashed in on a unit for $500,000 the same day the company went into liquidation, as records reveal the company's multimillion-dollar land portfolio.
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Building giant Condev Construction sold a unit for $500,000 on the same day it went into liquidation, property records show.
The 113sq m, two-bedroom apartment was part of the Cambridge Residences development at Robina, one of six major projects Condev was working on when it went bust last week.
It bought the unit for $378,100 in January 2019.
The apartment was listed for sale on March 9 and sold six days later. Property records do not reveal who bought it.
Condev is also trying to sell a one-bedroom unit in the same complex, bought for $356,250 in January 2019.
They were the only two properties owned by Condev Construction Pty Ltd at the time of the collapse, property records show.
The company went into liquidation on March 15 after failing to secure a $25m bailout.
The company had hoped for financial backing from a dozen developers and planned to off-load its own assets in order to stay afloat. However, the developers rejected the plea.
Condev Construction, which just 18 months ago was named the city’s best business, said it was struggling under the financial weight of spiking material costs, supply chain issues and a pandemic hangover.
Condev was constructing the latest building at Cambridge Residences – Brooke Residences – at the time of its collapse. All six projects on the Coast were worth $500m.
Worrells was appointed liquidator on March 16. Condev Construction was owned by D’Urban Holdings Pty Ltd, which was solely owned and directed by Tracy Marais.
Condev Constructions said it paid all staff, suppliers and subcontractors before it collapsed.
As reported by the Bulletin on Monday, Condev Properties Pty Ltd bought Carinya, an 87ha cattle property and house at Pumpenbil, near Tyalgum, in northern NSW, for more than $2.3m in October 2020.
Condev Properties, directed by Ms Marais, also owns:
* A three-level commercial building on Robina’s Scottsdale Drive, bought for $1.4m in 2010. The property, which served as the company’s headquarters, was valued in June 2020 at $1.7m.
* A 268sq m commercial building on Scottsdale Drive.
Condev Constructions, which had a staff of more than 100, had six Gold Coast tower projects before it went into liquidation.
Among them were Homecorp’s $200m Capital Court towers at Varsity Lakes, SPG Land’s Brooke Residences at Robina, the $140m Alegria at Palm Beach, Spyre Group’s $77m Natura at Burleigh Heads, Macquarie York’s $76m Allure at Chevron Island and Marquee Development Partners’ Cannes One at Surfers Paradise.
Workers returned to building sites this week after the developers took over the projects and agreed to pay all subcontractors.
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