23/05/2012 - 15:55

Update: Construction company into administration

23/05/2012 - 15:55

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Balcatta construction company Oostveen Pty Ltd, which previously traded as Niche Construction WA and Niche Developments, has been placed into external administration.

Headed by managing director Elias Oostveen, the company appointed Grant Thornton director Matthew Donnelly and Dino Travaglini as administrators early this week.

Mr Donnelly said he had retained all staff and was hoping Oostveen would be able to trade out of its troubles.

The move into administration was attributed to a working capital shortfall after it encountered losses on a couple of projects, the lack of work after the BER education stimulus had concluded and tight margins in the construction sector.

Formed in 2004, the company had undertaken a wide range of commercial, industrial, retail and residential building projects across Perth.

Its web site stated that it was awarded a contract last October by the Zampatti Group to design and construct a $10 million Australian Federal Police complex at Perth airport.

However Mr Donnelly said that project was still "subject to contract" and had not commenced.

Oostveen also built several retail developments for Primewest.

The company had 13 staff last month, according to data it supplied for WA Business News’ Book of Lists, down from 23 last year.

Meanwhile, Northbridge-based Nicheliving has responded to confusion in the market by confirming that it has no connection to Oostveen or its operations.

Nicheliving's building division is called Projex Management & Construction Pty Ltd, trading as Nicheliving Construction.

Nicheliving directors said they want to reassure everyone involved with their company that construction is continuing as planned, and that the business is in an excellent financial position.  It is currently managing developments in excess of $400 million.

 

 

 

 

 

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