Gold Coast builder 5Point Projects slapped with “immediate suspension” of QBCC licence
A luxury builder with high-rise apartment projects under way across Brisbane and the Gold Coast was slapped with a shock “immediate suspension” of its licence. Read what happened
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A luxury builder with high-rise apartment projects under way across Brisbane and the Gold Coast sent shockwaves through the industry after it was slapped with an “immediate suspension” of its licence.
5Point Projects, which is based in Broadbeach and has an office in Brisbane, was suspended with “immediate effect” on June 28. The suspension was lifted mid Tuesday morning.
Security watched over the dormant site of the group’s $80m Faro development as rain showered the Broadbeach property on Tuesday.
Managing director Damian Dove said “a temporary 24-hour suspension” had been imposed by the QBCC over “administrative queries” during a “routine” audit.
“After providing further information the suspension has been lifted,” he said in a statement.
“Our operations across all sites and projects are fully operational with the exception of sites impacted by today’s inclement weather.
“The temporary suspension has been lifted and it’s business as usual across all projects.”
The company has 75 staff and a licence for maximum revenue of $120m-$240m.
Its licence has not been updated with its records of insured work since 2020-21 when it did 14 jobs for $4.74m.
The Queensland Building and Construction Commission (QBCC) may immediately suspend a licence if it “reasonably believes there is a real likelihood that a person will suffer serious financial loss or other serious harm if the licence is not immediately suspended”.
The regulator confirmed it had suspended 5Point’s licence on June 28.
“The suspension action by the QBCC means the company was prohibited from carrying out or undertaking to carry out any building work,” it said in a statement.
“This includes signing building contracts, providing quotes or tenders, or completing building work currently in progress.
“The suspension was lifted on July 2 when the company provided required evidence to the QBCC.”
5Point’s current projects include $60m Ophira, at ritzy Jefferson Lane at Palm Beach; $80m Faro, on Old Burleigh Rd at Broadbeach; Sherpa Property’s project Perspective Albatross at Mermaid Beach; and Amani at Main Beach, where a penthouse went under contract for $19m off the plan.
In Brisbane, current projects listed on its website include One Earle Lane Toowong; Newstead Park Residences Albion; Adagio West End; and 156 Oxlade New Farm.
The suspension comes after 5Point announced its $15.6m purchase of two beachfront properties in Palm Beach.
The Jefferson Lane properties, which cover 874sq m and are currently home to a pair of two-level houses were to be demolished to make way for a new project, slated for launch by Christmas.
“The opportunity to continue building upon the legacy of our past projects and the current Ophira development, and knowing that we will further contribute to the flourishing tapestry of this great community is very exciting,” Mr Dove said at the time
5Point was ordered to remove a tower crane from the site of its $60m Ophira tower in May after a fight with Southport company Heidelberg Business Park, owner of the mansion next-door.
Heidelberg Business Park is directed by Melbourne lawyer Carlo Bernardi and Gold Coast businessman Michael Ferraro, owner of development and construction group NPD Property.
The matter went to a five-day civil trial last month.
Mr Dove started 5Point in 2015 after a career which included working for two ASX-listed companies.
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