Hutchinson Builders, who is owed its $5.5 million final payment for work on Ralan Group’s Ruby 1 tower in Surfers Paradise, says they had “no inkling” of a collapse.
Ralan Group, who entered voluntary administration on 31 July, owes creditors over $277 million, according to administrators Grant Thornton.
Hundreds of buyers are also out of pocket, their deposits having been spent by the group as it failed.
Hutchinson managing director Greg Quinn said the company, who had paid all subcontractors and suppliers, would miss out on $5.5 million.
The work completed by Hutchinson was the first stage of an ambitious four tower hotel and residential project named The Ruby Collective.
“We had no inkling of this occurring, in fact we were in negotiations for stages two and three,” said Mr Quinn.
Mr Quinn said despite the disappointing result, “Hutchies has a wonderfully strong balance sheet, at circa $340 million, and is debt-free so we are still in a good position.”
The $1.4 billion project was proposed to have buildings with between 32 and 60 storeys, and according to Ralan Group director William O’Dwyer, create 5,000 jobs for the Gold Coast.
The further three towers were slated to be a redevelopment of Paradise Resort, a family hotel and resort also owned by Ralan.
The company had announced in August 2018 construction on tower 2 was set to commence early this year with completion of the entire project by 2022, however no work has started since the completion of tower 1.
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