Nicson Property Group goes into liquidation

Nicson Property Group is the latest Melbourne developer to fold.

A Notice of Winding Up Order was mandated by the Victorian Supreme Court in April following an application by Kyriacou Architects Pty Ltd lodged in March.

Domenico Calabretta of Sydney-based Mackay Goodwin is the liquidator.

Nicson Property Group’s website is de-activated.

Founded in 2012 by then-24 year old Johnson Tran, Nicson Property Group has developed medium-scale apartment projects in West Melbourne and Yarraville.

At present, it is connected to two large Melbourne projects:

  • 810 Elgar Road, Doncaster, a 983 square metre site permitted to make way for an 11-level hotel (pictured, top); and
  • 63 Nicholson Street, Footscray – an approved apartment complex set to contain two towers of eight and 12 storeys.

News of Nicson’s liquidation comes less than a month after we reported that another Melbourne builder, Canny, entered voluntary administration.

PKF’s Glenn Franklin and Jason Stone are seeking a buyer for Canny.

Since running our story, realestatesource.com.au has been contacted by several tradespeople employed by Canny, who have failed to be paid.

Caulfield East builder Steller is also winding down – recently listing several sites for sale including 200 Wells Street, South Melbourne, said to be worth more than $22 million. Another block, 451-461 Hampton Road, Hampton, is expected to sell for more than $25 million.

Steller’s highest profile property, Sorrento’s Continental Hotel, which it co-owns, is also being touted for sale via Colliers International. Currently a construction site, it is expected to sell for more than $25 million according to sources.

Steller also recently listed sites in East Keilor, worth up to $8 million, and is said to be preparing to offload 1 Brighton Road, St Kilda, a site which once accommodated the Greyhound Hotel. Steller would be lucky to break-even on the $7.5 million it outlaid in October, 2017, for the St Kilda block, sources say.

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Marc Pallisco

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

Marc Pallisco
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