The developers of the ambitious Cook Cove project near Sydney Airport have placed the development in voluntary administration with debts of around $6 million.
The project, which is being developed by Sydney developer John Boyd and Westpac Funds Management, was to be one of the largest airport developments in Australia, featuring 27,000 square metres of office space, a hotel, retail stores and 4500 car parks.
Around $25 million has already been spent on preparatory works at the site, but with about $6 million of payments outstanding the directors called in the administrators, Brett Lord, Mark Robinson and Stephen Parbery of PPB.
Lord told The Australian Financial Review that the idea is not to kill the project, but place it on hold until property market conditions improved.
Creditors, most of whom are contractors and consultants who worked on the preparatory building works, are set to meet today.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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