Canny Builders enters voluntary administration

Prestige Melbourne developer Canny Builders has entered voluntary administration and ceased trading.

Company director Damian Canny called in accounting firm PKF last Friday.

Administrators Glenn Franklin and Jason Stone are assessing whether the business can be sold.

PKF said it is “already aware of a number of parties interested in the business and the company’s IP (intellectual property)”.

Twelve affected owners of home under construction by Canny Builders have been contacted.

The prestige builder constructed homes worth up to $7 million.

Mr Franklin said all efforts will be made to transition these projects as part of a business sale “or facilitate a transfer to builders of the home owners’ choice”.

The Canny Homes division has for 25 years been building high-end dwellings, typically priced between $1 million to $7 million.

A separate arm, Canny Projects, has completed larger scale developments including:

  • 76 family-sized homes on the Kew Cottages site in 2014;
  • 64 apartments and 104 townhouses on an old nursery in Doncaster last year;
  • 287 townhouses on former White King factory in Port Melbourne earlier this year; and
  • 20 townhouses in the Balmoral Quay development on Geelong’s waterfront – a project also undertaken this year.

Last month we reported that another private Melbourne builder, Steller Group, had stopped construction at several sites, including Sorrento’s Continental Hotel, a property it bought a part-share in, nearly two years ago.

Steller told realestatesource.com.au at the time that it is substantially changing it strategy to focus on the aged care sector, instead of medium density residential projects.

Are you, or do you know anybody, affected by the Canny news? Feel free to be in touch for a confidential discussion: marcpallisco@gmail.com

Share or Recommend article

Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
error: Content is protected !!