'Poorly performing' Auckland projects blamed for tipping construction company over the edge
Some "poorly performing" Auckland projects are being blamed for tipping Ebert Construction into receivership.
Lara Bennett, John Fisk and Richard Longman from PwC were on Wednesday evening appointed receivers to Ebert Construction Limited as a result of a request made by the Ebert Board of Directors to its bank.
A statement from the receivers said that Ebert’s Board had advise that it and the company’s newly appointed senior management team had been working to improve a number of poorly performing projects in the Auckland Region which have adversely affected the Company’s financial position.
It’s a decade since plans were announced for Albert Street’s Saffron development. Over that time various proposals have been put forward, and the site has changed hands. The most recent applications centred on the floor area and vehicle access across neighbouring St Patrick's Square.
Waitematā Local Board member Vernon Tava tracks the ward’s consent applications and says what is now proposed is better than it could have been. "There are some concerns still, but it is an improved outcome because the developer could have reverted to an earlier consent that didn't include keeping heritage frontages on Albert Street and the square, was higher, and allowed traffic in the square."