The sudden collapse of one of Australia’s largest construction companies has sent shockwaves throughout the built environment sector and plunged more than a dozen major projects across the country into uncertainty.
Probuild was placed into administration after its parent company, the South African-based Wilson Bayly Holmes-Ovcon (WBHO) ceased financial support for the builder.
Administrators Deloitte said in a statement it “will be commencing a sale and recapitalisation process, in order secure a new owner for the businesses.”
In 2020, the WBHO tried to sell Probuild to a Chinese buyer but the transaction was blocked by the Australian Foreign Investment Review Board, ostensibly due to concerns for national security.
Probuild currently has a reported $5 billion worth of unfinished projects across three Australian states. Here, we take a look at some of the projects now facing an uncertain future.
443 Queens Street by Architectus and Woha.
Image: Architectus and Woha
443 Queen Street
Designed by Architectus and Woha, the 47-storey, $375 million residential tower on Brisbane’s riverfront is claimed to be “Queensland’s first truly subtropical apartment tower. “The Queenslander – with its stilts and natural ventilation – was an inspiration for the tower,” said Elizabeth Watson-Brown, director of Architectus. The tower essentially stands on urban-sized stilts, allowing a podium-level public domain that connects the city with the river. The car park and ground plane elements of the building, housed with in an abstract form inspired by the cliffs of Kangaroo Point, form a podium from which the towers rise. The building is designed to catch the breeze and shade with clusters of vertical screened pavilions housing subtropical gardens.
The Ribbon Darling Harbour by Hassell.
Image: Hassell
The Ribbon Darling Harbour
A new landmark for Sydney, this 30-storey building on the former Imax theatre site in Darling Harbour, designed by Hassell, is set to house a hotel, serviced apartments, retail and a new Imax theatre. The building takes its name “the Ribbon” from its twisted form designed to minimize overshadowing of a nearby children’s playground. The building is partially built by Grocon, which also collapsed due to its own financial woes in 2020. Probuild took over construction of The Ribbon in January 2021.
Elizabeth North precinct designed by Cox Architecture and Gray Puksand.
Image: Cox Architecture and Gray Puksand
Elizabeth North Precinct
Designed by Gray Puksand and Cox Architecture, the Elizabeth North Precinct in Melbourne will be a biomedical and education precinct to be home to the University of Melbourne’s Trinity College, the global headquarters of Australian vaccine manufacturer CSL, as well as Melbourne City Toyota. The precinct will also include retail and food and beverage tenancies.
