Collapsed building giant St Hilliers is at least $6m ‘in the hole’ on one of its major Queensland projects with subbies tipping any rescue package was doomed to fail.
Glen Norris Follow 2 min read February 7, 2024 - 12:17AM The Australian Business Network
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The failure of building giant St Hilliers is shaping up to be a major test of Queensland’s controversial construction payment laws with at least one project more than “$6m in the hole.”
Industry sources say the huge amount owed on only one project underscored the overall dire finances of the company, which has 19 other unfinished projects around the country.
St Hilliers’s Queensland projects include the Bernborough retirement village in the inner northern suburb of Ascot, the $40 million expansion to the Townsville health facility and the $37m Aveo retirement village at Carindale.