Amid a concerning run of business collapses, the future of one troubled builder is looking more positive.
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Administrators for Cubitt's Granny Flats and Home Extensions told creditors this week they had identified potential buyers for the 30-year-old business.
The family-run construction group went into voluntary administration in February, affecting projects in NSW and the ACT.
Of the 40 parties that showed interest in buying the business, two were undertaking due diligence, the administrators said.
They said it was "early days" but the news was encouraging for creditors, who are owed close to $7 million.
The financial damage from another recent building company collapse was laid bare this week.
Project Coordination, a 50-year-old building company based in the ACT and NSW, owes about $25 million, administrators told creditors at their first meeting.
About 200 creditor claims had been received since the company went into voluntary administration in March.
Administrators also uncovered two more projects that were active at the time the company went bust.
Figures show Canberra is not alone in a recent spike in construction business administrations.
In the financial year to mid-March, 1913 businesses in the construction industry have entered external administration across Australia.
This year's figures are tracking higher than this time last year and are more than double figures from the same time in 2022.
Experts say things are only likely to get worse for building companies, unless there is serious change in what one described as an "inherently risky" industry.
Despite the turbulent period for construction, development is continuing elsewhere in Canberra.
Developer Morris Property Group has lodged its first works approval application for a major office project in Civic, to be called The Barracks.
Set across three buildings up to 11 storeys tall, the precinct is planned to include about 60,000 square metres of office space and 2500 square metres of retail.
The developer hopes the project will become a vibrant hub of activity and will play a significant role in the "rejuvenation" of City West.
In other news this week, a Queanbeyan pub sold to an experienced hotel operator for about $25 million.
The operator will take over the Jerrabomberra Hotel in mid-April.
The purchase came after several years of shopping around in Queanbeyan for a suitable investment.
Share your thoughts on property and development with me at brittney.levinson@canberratimes.com.au.