Canny Builders Enters Voluntary Administration

After 25 years of designing and building homes across Melbourne, luxury home developer Canny Builders ceased trading last month and entered voluntary administration.

The first meeting of the company’s creditors took place early June at PKF offices on Collins Street, with the accounting firm called in by Canny’s Director Damian Canny.

Assessments are underway to determine whether the business can be sold, with PKF partners Glenn Franklin and Jason Stone appointed as administrators.

Twelve homes are currently under construction by the builder. They have been contacted to discuss arrangements as the administration and potential sale of the business moves forward.

Speaking to Real Estate Source, Glenn Franklin said that where these projects could not be transitioned as part of the sale, the company would make efforts to “facilitate a transfer to builders of the homeowners’ choice.”

Canny Builders’ projects typically have a value between $1-7 million. The company’s work on this home in Malvern won the 2012 HIA Victorian Project Home of the Year award, and the 2013 HIA Australian Project Home of the Year.

Related: Funding Halts Steller Construction Progress on Continental Hotel

The Canny Builders news comes in the wake of the shock dissolution of developer Steller, who has since gone on to begin the sale of its project sites and looks likely to enter insolvency.

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Header image source: Canny Builders.

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