Australian construction company on verge of collapse

By Catrin Jones25 February 2022

The future of the luxury apartment development at 443 Queen Street is in doubt due to Probuild’s financial problems. Picture by Binyan Studios

Probuild, an Australian construction company, is on the verge of collapse with the Melbourne-based firm reportedly contacting administrators.

The company is said to be in such a perilous financial position due to general pressures, such as rising material costs, delays due to Covid-19 and a shortage of skilled workers, and due to the rising costs of a high-rise project in Brisbane that has led the company into millions in debt.

Last year, Probuild made AUD$1.3 billion (US$90 million) in revenue and AUD$4 million (US$2.8 million) profit.

Lengthy delays on the high-rise project 443 Queen Street building have meant the company has lost as much as AUD$120 million (US$85 million) despite the pandemic-driven construction boom.

The high-quality residential apartment complex is well behind its late-2021 completion date and the future of the project is uncertain.

Probuild is behind several iconic recent builds in Australia, including the Melbourne Convention Centre. 

Delivered directly to your inbox, World Construction Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Longer Reads
Five excavator technologies to improve projects
While technology has been enhancing excavator performance for more than a decade, end-user demand for certain features has accelerated in the past few years. ConExpo-Con/Agg talks to manufacturers about the innovations that provide typical construction companies with value for money
Test drive: Hyundai HL980A
Dan Gilkes takes a first drive of Hyundai Construction Equipment’s HL980A and gives Construction Europe an exclusive overview of his experience
Interview: Doosan Bobcat’s Gustavo Otero
Construction Europe’s Cat Jones meets the Doosan Bobcat president to discuss everything from new innovations to a new beginning for hundreds of Ukrainians
Andy Brown Editor, International Construction Tel: +44 (0) 1892 786 224 E-mail:
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: