Evoke Property Group looks for new builder for Elevaire at Palm Beach after Stokes Wheeler failure

The developer of a luxury Gold Coast apartment project has revealed what it plans to do after the shock insolvency of its builder.

The marketer of a luxury 40-unit Gold Coast project says it remains on track despite the builder going into administration.

Stokes Wheeler, which has offices in Yeronga and Southport, went into voluntary administration on Monday, with Roland Robson and Bill Cotter appointed.

The construction company was five floors into building Elevaire, a nine-storey development by Evoke Property Group.

It began construction in September 2023 and was due for completion at the end of this year.

Nick Clydsdale, director of sales agency SRQ Projects, said Evoke had acted quickly after learning of the Stokes Wheeler administration.

“They have commenced a rapid process to source a new head contractor,” he said.

“Fortunately a number of contractors have reached out to take over the project and the developer is in discussions with a number of builders.

“Things are looking positive that it will be on track and the timeline for completion won’t slip too much.

“Given most of the risk in building is when they’re doing the hole, and that there are five slabs there already, it’s relatively less complicated to have a head contractor come and take over the work.”

Artist impression of Elevaire.

The remaining 11 two and three-bedroom apartments, at 1409-1411 Gold Coast Highway, are priced between $1.5m and $3m.

Mr Clydsdale said the 29 buyers had been understanding of the situation.

“There’s not a project in southeast Queensland in the past three years that has come on time,” he said.

“The buyers are well-educated on how difficult it is building anything, so they were disappointed but not overly shocked that another builder had gotten into this position.”

Stokes Wheeler called in administrators after directors realised they would not be able to meet the financial requirements of their building licence.

Nick Clydsdale of SRQ Projects

Artist impressions of the Elevaire project at Palm Beach on the Gold Coast.

Liquidator Bill Cotter said on Monday it was too early to know how much money was owed to creditors, including staff and subcontractors.

He said the directors were hoping to establish a deed of company arrangement to save it from liquidation.

Documents lodged with ASIC show $150,000 has been set aside to fund the administration and to make some staff payments.

The company’s past Gold Coast projects include The Jefferson at Palm Beach the Anchorage Apartments at Hope Island, Brooklyn Apartments at Varsity Lakes, Neo Apartments at Mermaid Beach and Sur at Kirra.

It has also worked on car dealerships, schools, churches, aged-care facilities and pubs in Brisbane and on the Gold Coast.

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Originally published as Evoke Property Group looks for new builder for Elevaire at Palm Beach after Stokes Wheeler failure