Insolvency practitioners have taken control of the entity behind the $140 million Shenton Quarter project, with Perth partners called in to run a ruler over its books.
WA Insolvency Solution’s Jimmy Trpcevski and Cliff Rocke were appointed as administrators on the same day as KPMG receivers and managers on July 16.
KPMG’s Martin Jones, Matthew Woods and Lauren Duncan were reportedly appointed by an entity associated with Sydney investment firm Alceon Group, a co-owner in Iris - PW No.1 2017.
The other half of the entity is controlled by Iris Shenton Pty Ltd, under the umbrella of apartment developer Iris Residential, which is helmed by Simon Trevisan.
Iris - PW No.1 counts Mr Trevisan and Fleur Hudson as directors, who are both directors of Iris Residential, and Alecon’s Andrew Fatin as an alternate director.
The embattled entity, Iris - PW No.1, is behind the $140 million Shenton Quarter apartment project, which faced a litany of issued over the course of its development.
The project’s co-owner was last week thrust back into the spotlight when Mr Trevisan lost his bid to overturn a settlement agreement in a dispute with lenders for Iris Residential’s Claremont Oval and Booragoon projects.
On Tuesday, the insolvency partners working on the Iris - PW case secured an extension to the convening period, enabling more time to run a ruler over its books.
The $140 million apartment project was beset by delays during its build, with a dispute between its initial builder BGC Australia and the developer prompting the builder to walk off the job.
In October 2023, about three years on from when the project started, BGC’s workers downed tools at the 157-dwelling project.
At the time, the builder cited a “commercial dispute with the developer regarding engineering and design” of the project.
This prompted Iris-PW to appoint a new builder in Gowdie Project Management to complete the build, which was at the time 95 per cent complete.
The project reached practical completion in October 2024.
