What's happening with Akron and Crace
Tuesday, 2 February, 2010
You may be aware that on 2 February Akron, a civil contractor at Crace, announced that it is entering voluntary administration. This means that an administrator will be appointed to determine the company's future and manage its financial affairs.
Akron is not the developer of Crace. It has been involved in a small part of the works related to roads and drainage at the suburb.
Crace is being developed over the next six years as a joint venture between the ACT's Land Development Agency and Crace Developments Pty Ltd, a consortium led by CIC Australia (as project manager and majority partner), Defence Housing Australia and CHC Affordable Housing. That means the impact on Crace of Akron's voluntary administration is minimal.
Will the homes being built at Crace be affected?
Terraces and urban free-standing homes at Crace are being built by PBS Property Group, which has no association with Akron. Similarly, none of our partner builders who are building homes in Crace's suburban precinct have any association with Akron.
If you've purchased a terrace at Crace in either section 14 or 15, all Akron's roads and drainage works have been completed, so there won't be any impact on the delivery of your new home.
Similarly, terraces in sections 22, 23, 28, 29 and 30 aren't affected. Civil works on these homes are being undertaken by the contractor BMD. If you have purchased or were planning to buy a suburban home in stage 1A1, there won't be any impact as all civil works have been completed and the blocks are now registered.
Suburban blocks in 1A2 and 1A3 will be affected however, as some civil works still need to be finished. It looks like registrations for these blocks, which were to have been in May, will have to be delayed until June. We are currently contacting all buyers of blocks in these two sections, but please do not hesitate to contact us if we have not yet spoken to you directly.
Where to from here?
Crace Developments is working with Akron's administrators to ensure the final civil works in stages 1A2 and 1A3 can be completed as quickly as possible. We hope to have these works finalised over the coming weeks and block sales will still continue.
We'll keep you updated on any changes, but in the meantime, if you have any questions or concerns relating to your purchase at Crace, please feel free to contact us on 1800 751 878.
