One of Australia’s biggest building companies, Grocon, has called in administrators and blamed issues over a Sydney development project for its insolvency.
Grocon Chief Executive Daniel Grollo said losses resulting from Infrastructure NSW’s handling of the Central Barangaroo project on the edge of the Sydney CBD were to blame.
“It is unfortunate that INSW is forcing our hand to place the construction business into administration,” he said o Friday.
Grocon is fighting for compensation in the NSW Supreme Court over the handling of the project.
The company has built some of country’s most iconic landmarks, including the Rialto hotel, Crown Casino, Eureka Tower and AAMI Park stadium in Melbourne, as well as 1 Martin Place in Sydney and Common Ground in Brisbane.