Construction Receivership - $7m post appointment funding locked in to complete 43 townhouse development

Aston Chace Group (ACG) appointed as Receivers over significantly incomplete 43 townhouse development in Glenroy, 14km from the Melbourne CBD. We are excited to have ~$7m post appointment receivership funding locked in and construction now back on track with a view to complete 16 townhouses, and all civil works with a practical completion (PC) date of May 2024. Receiver and Manager, Rajiv Goyal of ACG, would like to take this opportunity to thank all key project partners for their valuable input and ongoing support getting this project back up and running, including (but not limited too): - Existing financier – Zank Select Fund - Incoming Receiver financier – Benchmark Property (specialised development/receiver lender) - Incoming builder for Receivers – Diamond Builders - Project Manager/Superintendent (PM) - Tango Projects - Quantity Surveyor (QS) - Charter Keck Cramer Official marketing to sell down 16 completed townhouses and remaining 27 townhouse lots will commence from Feb 24. Stay tuned! In response to high client demand and a surge in ongoing property construction projects for the firm, we have expanded our footprint and opened our Melbourne office at 385 Bourke Street, Melbourne.