Marcus Group to enter administration: sources
Postscript: ABD Group, which controls Marcus Group and Jasmine Group, were put into liquidation three days after this article was published. Follow this link for details.
Apartment builder Marcus Group – a subsidiary of ABD Group – will enter administration according to well-placed developer sources.
Attempts to contact both construction companies failed; respective websites and social media channels, including for a related entity, Jasmine Group, have also closed.
No notice of administration has yet been documented; it is as yet unknown whether the parent is included.
Supply shortages, rising costs
The building sector has been hammered in recent months by supply shortages and sharp material cost increases.
Many developers have also had to halt jobs due to COVID (story continues below).
Last week, Brisbane based Privium Group appointed FTI Consulting as voluntary administrator with debts reported to circle $28m.
Marcus Group is behind projects including 32-34 Burwood Road, Hawthorn, co-developed by Benson Property Group.
ABD is presently constructing another tower for that builder – Footscray’s 23-level Liberty One.
It was also developing the Union Quarter mixed-use village with a Build to Rent component, at Spotswood, for Suleman Group.
More to come.
Subscribe to our newsletter at the bottom of this page.
