GCB Constructions Crisis Forces Abandonment of Kangaroo Point Luxury Development, Other Projects

Builder GCB Constructions has gone under administration, bringing to a halt six significant development projects, including a Kangaroo Point luxury apartment and hospitals in Moreton Bay and the Sunshine Coast.

The company’s decision has left multiple projects in limbo and developers scrambling to find solutions.

The Gold Coast builder with a decades-long legacy was contracted for various ventures across the east coast. Notably, the company was involved in the ambitious Canopy House project by Aria Property Group in a sought-after area in Kangaroo Point. 

In June 2023, Aria submitted a new development application (DA A006305026) for Canopy House’s expansion. The proposal is still under assessment with Council.

GCB Constructions’ financial woes escalated and on 27 July 2023, it went into administration after the suspension of its Queensland builder license due to outstanding debts. The company’s financial struggles had already caused work to slow down or halt altogether on several sites since early May.

Trent Clark, the sole director of GCB Constructions, had initially expressed determination and confidence in overcoming these challenges. However, the company’s financial woes proved insurmountable, leading to the appointment of administrators from SV Partners. 

David Stimpson, the appointed administrator, revealed that Mr Clark is planning to propose a deed of company arrangement (DOCA) to avoid liquidation. The DOCA aims to transfer ongoing projects to a new builder, secure third-party funds, liquidate company assets, and collect outstanding payments owed to GCB.

A second meeting with creditors is scheduled for 30 Aug 2023.

Also affected are the Si apartment tower in Bilinga, Rayjon’s Vantage View at Benowa and Vantage Burleigh near Varsity Lakes. The fallout also extends to the medical sector, with contracts for the expansion of Ramsay Health’s Sunshine Coast University Private Hospital and Caboolture Private Hospital being terminated, leaving these vital projects without a builder.

Published 10-Aug-2023

Aria’s Canopy House in Kangaroo Point Soars Higher in Planned Expansion

The Canopy House apartment tower, currently under construction in Kangaroo Point, could have an additional nine levels, creating a taller, 29-level structure and increasing the previously approved residential density at a high-visibility corner of Leopard Street.

Leopard Street has been identified as a key artery connecting the city to the 2032 Olympic Games precinct. Because of this, the project will receive high visibility from the masses of people and media during the Olympic and Paralympic Games, as well as regular sporting events.

Aria Property Group is seeking approval for an expansion of its development at 58-62 Leopard Street. This expansion, via DA A006305026, would result in the creation of 36 additional apartments, increasing the residential density from the approved 105 apartments to 136. 

The new apartments would be distributed across seven additional floors, accompanied by the provision of more car parking spaces, which would require an additional podium level.

In addition to the increased capacity, Aria also aims to expand the communal recreational amenity across two levels. The rooftop would feature an infinity pool, daybeds, a residents’ dining room and lounge, picnic lawns, and barbecue terraces. 

Below the rooftop, a health and wellness centre is proposed to include a gym, treatment room, sauna, steam room, hot and cold plunge pools, work-from-home offices, a boardroom, and a private cinema.

Kangaroo Point Aria Canopy House
Photo Credit: Aria Property

Aria’s upsized tower scheme is designed to reflect the recent significant changes in the future planning of the locality and the site’s importance as a key gateway to the 2032 Olympic and Paralympic Games precinct. 

The site falls within the mapped expansion of the Woolloongabba Priority Development Area (PDA), which is expected to be officially declared later this year.

Town planners have acknowledged that recent events, such as housing supply and affordability issues; new inner-city housing strategies; sustainable growth precincts; priority development areas; and Olympic-related investments have significantly altered the area’s desired development form and scale.

Aria’s revised proposal aligns with the shifting strategic planning framework for the Kangaroo Point South Neighbourhood Plan. The outdated Kangaroo Point South Neighbourhood Plan no longer reflects the community’s expectations for the locality.

The report prepared by Saunders Havill Group, Aria’s town planners, emphasises that the changing circumstances call for a departure from the previous planning documents and a focus on development outcomes that support the future vision of the city.

Brisbane’s inner city is set to undergo significant changes, with new planning strategies and the replacement of outdated frameworks expected to result in increased building heights, density, walkability, and liveability.

The Woolloongabba Sustainable Growth Precinct planning, currently being assisted by the Brisbane City Council, will likely replace the Kangaroo Point South Neighbourhood Plan.

With Aria’s upscaled plans for the Canopy House apartment tower, Brisbane’s Olympic precinct takes another step towards its transformation into a modern and vibrant hub, poised to leave an exceptional legacy for the area and its residents.

Published 5-July-2023