Non-plan buyers have been left in limbo as nearly 500 units remain unfinished by a major construction company as workers abandon company sites.
Four important developments in the Golden Coast under construction by GCB Constructions have been cut since the weekend as subcontractors claim invoices remain unpaid.
The stability of the company is in question with projects worth more than half a billion dollars at stake.
The sites include the fifth tower in the $200 million Vantage project in Benowa, the $160 million Amaya Broadbeach and Drift Main Beach, and the $182 million Marine Quarter, which was previously the subject of a court battle between GCB and developer Buildcap. .
Nearly 500 Gold Coast apartments sit idle with off-plan buyers seeking answers as concerns mount about the stability of construction company GCB Constructions (pictured: GCB Constructions’ $200 million Vantage project in Benowa)
Four projects valued at more than $500 million are underway with apartments under contract to hopeful buyers, but the sites are unfinished and with no dealers on site (traffic controller file image)
GCB Constructions managing director Trent Clark previously said the parties had reached a “mutual agreement” to ensure the Marine Quarter project could progress.
Many of the apartments are already under contract and now the buyers face an anxious wait for news on the status of their purchase.
Local doctor James Ellingford is one of them. He bought a three-bedroom corner apartment in the second tower of the $182 million Marine Quarter project in Southport.
He told the Gold Coast Bulletin that he intended to rent it out before he moved and says he has ‘a thousand questions’.
“I am very disappointed,” he said.
It’s a damn shame, it just means we’re in some kind of limbo while we see what happens.
The stagnation of the site seems to have been a shock to the developers of the project.
Two developers took to social media last week to share a positive build update.
A video shows the progress of the GDI group’s development at Drift Main Beach.
However, that particular development has been chained and no work has been done on the site this week.
The sites include the fifth tower in the $200 million Vantage project in Benowa, the $160 million Amaya Broadbeach and Drift Main Beach, and the $182 million Marine Quarter, which was previously the subject of a court battle between GCB and developer Buildcap. .
Upon completion, the building is expected to have 30 stories and include 46 apartments.
At nearby Vantage View at Benowa and Vantage Burleigh, even if the projects are complete, their completion date will have passed.
The $45 million, 14-story, 56-unit Burleigh project was scheduled to finish last year but remains incomplete, while Vantage View is the fifth and final building in Rayjon’s $200 million Vantage project in Benowa and was due be finished in july, but the roof has just been poured.
The building, once completed, will have 15 levels with 120 apartments.
Daily Mail Australia has contacted GCB managing director Trent Clark for comment.