As Dyldam takes on water, >$1bn in projects in doubt
Western Sydney and Brisbane apartment developer Dyldam is taking on water with reports that the company is struggling with debt as receivers repossess a number of development sites. Problems within the group seem to stem back to mid-2019 (pre-Covid) according to the AFR, with internal disputes and tax issues mounting. The proud family company has been in business for over 50 years. McGrathNichol has repossessed 8 development sites in total whilst HLB Mann Judd has taken administration of 22 related companies. Sites under concern include:
- The Opera (Pitt St, Merrylands) $808m
- Dover (Court Rd, Fairfield) $150m
- The Chalk Hotel $150m
Read more at the AFR here.