Australian construction company on verge of collapse

The future of the luxury apartment development at 443 Queen Street is in doubt due to Probuild’s financial problems. Picture by Binyan Studios

Probuild, an Australian construction company, is on the verge of collapse with the Melbourne-based firm reportedly contacting administrators.

The company is said to be in such a perilous financial position due to general pressures, such as rising material costs, delays due to Covid-19 and a shortage of skilled workers, and due to the rising costs of a high-rise project in Brisbane that has led the company into millions in debt.

Last year, Probuild made AUD$1.3 billion (US$90 million) in revenue and AUD$4 million (US$2.8 million) profit.

Lengthy delays on the high-rise project 443 Queen Street building have meant the company has lost as much as AUD$120 million (US$85 million) despite the pandemic-driven construction boom.

The high-quality residential apartment complex is well behind its late-2021 completion date and the future of the project is uncertain.

Probuild is behind several iconic recent builds in Australia, including the Melbourne Convention Centre.