Iris Capital still negotiating for major builder on billion-dollar Victoria & Albert at Broadbeach
A billion-dollar twin tower project, already under way in the heart of the Gold Coast, is yet to sign off on a major builder, three months after a shock split from its original contractor.
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A billion-dollar twin tower project in the heart of the Gold Coast is yet to sign off on a major builder, three months after a dramatic split from its original contractor.
However the project manager of Victoria & Albert says construction remains on track and they expect to appoint a builder in coming months.
V & A developer Iris Capital, billionaire pub baron Sam Arnaout, parted ways with builder Descon Group Australia in February.
Demolition of the site, at the old Niecon Plaza, was finished by Descon in January, and construction of the 40 and 56-floor twin towers was to begin immediately after.
Descon chairman Danny Isaac said the split from V & A was “a mutual decision”, while Mr Arnaout said it was “business as usual”.
It’s become apparent the split was not amicable, with Iris Capital successfully applying to have Descon assets frozen as they prepare to sue the company in the Supreme Court.
In the absence of a main contract holder, project manager Eastview is overseeing the early works package for V & A, including site retention and foundation piling.
Eastview managing director Graham Goldman said that was a 10-month task.
“We have CF Group undertaking the site retention,” he said.
“On the main contract, we are in negotiations with a Tier 1 contractor to undertake the main building works once we complete the foundation works.
“We are looking to have this formally announced the name of the contractor in the next few months.”
Mr Goldman said Iris Capital was “100 per cent committed to the project”.
“We are continuing on as normal and the project has not been closed a single day since Descon termination,” he said.
Descon and its related Adcon companies are battling multiple court cases over alleged unpaid debts.
Despite the apparent financial troubles, Descon Group’s Queensland builder licence remains unblemished as far the regulator is concerned.
Originally published as Iris Capital still negotiating for major builder on billion-dollar Victoria & Albert at Broadbeach
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