Brisbane apartment builder CMF Projects goes into voluntary administration
Award-winning Brisbane apartment builder CMF Projects has been placed into voluntary administration.
Liquidators David Clout and Patricia Talty were appointed late on Wednesday, but neither they or the company's directors, Greg Campbell and Cameron Fidler, would comment.
A statement on the company's website informs subcontractors to collect their equipment from the sites of two projects currently under construction at Woolloongabba.
"We are aware numerous subcontractors have belongings stored on sites associated with the company," the notice on the website read.
"We are liaising with the site controllers who, with us, wish to ensure your belongings are returned as quickly as possible."
CMF is a significant player in the commercial and multi-residential construction industry, having completed more than a dozen projects in the inner-city including Kyabra apartments in Newstead, Ivy Terrace at Woolloongabba and Mowbray Apartments.
The collapse of the company is seen as a result of a marked decline in demand for inner-city apartments from a peak two years ago and a rise in the cost of finishing trades.
Director of property economics and research at Urbis Malcolm Aikman said there was unlikely to be any significant price drop for buyers.
"Brisbane apartment prices didn't rise significantly over that period, not like in Sydney and Melbourne, so we're not facing significant price pressure," he said.
courtesy of ABC News
starting to become a real trend in QLD
looks like a plague of 'residential/commercial ' developments between Brisbane and the Gold Coast .
will the bubble burst before or after the Commonwealth Games ??