3.9k Share this
Australian building giant Probuild is on the verge of collapse after a disastrous high -rise project dragged it into massive debt.
Tradies were told to stop work at the 443 Queen Street construction site in Brisbane as the company called in administrators in a last-ditch attempt to save itself.
Probuild raked in $1.3 billion in revenue and made $4 million profit last year, but the project which involved 264 high-quality residential apartments has haemorrhaged as much as $120 million.
Workers at the site said construction has been plagued by delays for the past two years and contractors were owed unpaid bills of up to $250,000.
Australian building giant Probuild is on the verge of collapse after a disastrous high rise project in Brisbane dragged it into millions in debt
Tradies were seen packing up and taking their equipment off the site on Wednesday after being told it would be shut down at 5pm.
‘We were just told to pick out tools up because Probuild were pulling the pin on all their projects across Australia,’ one told the Courier Mail.
A tradie said the company he works for is owed at least $250,000, while other sub-contractors are believed to be owed significantly more.
‘It is going to run into the millions what tradies are owed,’ he said.
Tradies were seen packing up and taking their equipment off the site on Wednesday after being told it would be shut down at 5pm
Probuild is reportedly contacting administrators as a result of the extreme financial hardship with hopes of saving the project.
The future of the build in the heart of Brisbane’s CBD is in doubt.
Probuild is currently developing a new 18-storey block in Melbourne’s Elizabeth North, which will be the new headquarters of biotech giant CSL.
It is also the firm behind the 1000 Latrobe office tower in the Docklands.