The liquidator for collapsed builder Porter Davis has agreed to sell the townhouse developers to Victorian-based Nostra Property Group.
Nostra Property Group will take over the multiple dwelling arm, the area of business responsible for all of Porter Davis’ townhouse projects.
The failure of Porter Davis left 1500 homes unfinished in Victoria and a further 200 in Queensland. The builder also had 779 clients who had paid deposits but their projects were yet to be started.
Liquidator Grant Thomas said that up to 375 homes would be finished, including 126 townhouses currently under construction, and another 169 developments that were yet to be started.
“All parties worked tirelessly to achieve a positive outcome in an extremely short period of time which will see a number of jobs preserved, disruption minimised for several existing and future projects and, critically, up to 375 homes built for families who have had to suffer enormous stress and anxiety following the collapse of the PDH Group,” liquidator Said Jahani said.
Nostra Property managing director Anthony Caruana said he was excited about Porter Davis joining his team to take away the stress many families have endured in recent months.
“We already worked with many of the same developers and myself, along with the NPG team, are excited about working with the high caliber of people that will be joining us from the Porter Davis team,” said Caruana.
“This will ensure that we can provide much-needed certainty to the families who have purchased a PDH-designed townhouse and they can once again look forward to having a new place to call home.”
However, it is still unclear if deposits of houses not built will be refunded as Said Jahani said two weeks ago.
“At its extreme, it means you do not have any insurance cover, and it means that the deposit you have paid has been lost,” he said.
“However, as I have said, we are trying to work with the VMIA [Victorian Managed Insurance Authority] and the QBCC [Queensland Building and Construction Commission] to see whether there is an alternative solution there.”
Nostra Property Group was founded in Victoria in 2006 and specialises in townhouse and freestanding developments.
Earlier this month, the liquidator rejected a bid by Melbourne-based property firm MIG Sons & Co to buy Porter Davis outright.
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