qattro built pty ltd goes into liquidation 12092023
South Australian builder, Qattro Built was placed into liquidation on Tuesday. Image: Canva.

South Australian builder, Qattro Built Pty Ltd, has collapsed.

Placed into liquidation on 12 September 2023, the company is widely reported to owe more than $4.5 million and leaves behind over 200 incomplete homes.

The liquidators appointed are Christopher Powell and Nicholas Gyss of DuncanPowell.

In a statement published on the Qattro website, Bradley Jansen said he was devasted to make the decision after three challenging years trying to recover the post-Covid financial sustainability of the company.

“I know the closure of the business will have a significant impact on its many long-term employees, clients, contractors, and various local sporting clubs and charities that Qattro has strongly supported over the last 15 years… for this, I apologise,” Jansen said in the statement.

“New projects secured are profitable, however, the existing projects with underwater fixed price contracts are still weighing too heavily on the ability to get to the other side,” the statement continued.

Jansen added that he has done his best to protect staff and suppliers.

“I can truthfully say I have put all my personal assets into the business to try to push through but attempts to absorb the $7.5 million in cost increases over the last few years have wiped the balance sheet.”

Yesterday, Cedar Woods (ASX: CWP) issued a statement to the ASX.

The company noted that Qattro was building Cedar Woods’ townhouses and apartments at the company’s Fletcher’s Slip development in South Australia.

The projects included were:

  • 11 two-storey townhouses in stage 1B of the development, which have been sold as turnkey house and land packages and are close to completion,
  • 35 two-storey townhouses in stage 2A of the development, where buyers have already settled on a contract with Cedar Woods to purchase land and have entered into a separate contract with Qattro for the construction of their homes. The land subdivision work has been completed by Cedar Woods and Qattro has commenced construction on these homes for the buyers, and
  • Early site works recently commenced on Sirocco apartments.

Cedar Woods noted that the townhouses are covered by builder indemnity insurance, which is expected to cover any additional costs to complete the homes up to $150,000 per townhouse, if required.

You May Also Like

Perth apartment popularity on the rise, but new stock is still looking for firmer financial foudations

Costs remain a major hurdle to making more affordable apartments viable to build.

Carly Barrett and Paul Rossen awarded the AIA WA President’s Prize

This year’s award recipients have contributed towards growing public interest and understanding of architecture, as well as mentoring the next generation of architects.

2024 Australian Interior Design Awards reveals a record 222 shortlisted projects

Sustainability, collaboration, and timeless natural materials were this year’s biggest trends.

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award categories

This year’s awards include several brand new categories, with entries closing 2 August 2024.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Thinking of borrowing for a new home? We decode the home loan lingo and explore ...

We take a look at everything from principal and interest to rates and more.

A window of opportunity could be open for savvy Australian property investors, but time is ...

One expert has noticed investors are on the move while there's less competition and fewer buyers in the marketplace.