<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>An </span><a href="https://www.9news.com.au/Australia" rel="" target="" title="Australian"><span>Australian</span></a><span> building giant behind some of the nation's biggest developments, including a 41-residential tower on Chevron Island on Queensland's Gold Coast, has entered voluntary administration.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Bensons Property Group Pty (BPG) announced yesterday that it had made the "difficult decision" to appoint Craig Shepard and Sebastian Ham of Korda Mentha as voluntary administrators.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The company cited challenging conditions in the construction and property development sector, noting that the industry had faced "an extremely difficult time, particularly post-COVID".</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/grampians-national-park-fire-one-home-fences-and-sheds-lost-in-victorian-bushfires/e9929c97-0eaf-4216-8bed-70924f8193a1" rel="" target="" title="Authorities assess damage as Grampians bushfire, roughly the size of Singapore, continues to burn"><strong><span>Authorities assess damage as Grampians bushfire, roughly the size of Singapore, continues to burn</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>BPG was founded in 1994, by philanthropist and self-made developer Elias Jreissati.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The company focuses on building large and luxurious apartment blocks in Victoria, Queensland and Tasmania.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This Australian family business has a 25-year track record in delivering luxury beyond the expected," the website says.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/bensons-property-group-pty-australian-property-group-behind-41level-gold-coast-tower-enters-administration/e3fffca6-6288-43df-bb6c-dd87c7b4f2af" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"During that time, every project taken to market has been completed, resulting in over $2 billion of iconic residential property."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>One of those projects includes a 41-residential tower on Chevron Island, which is expected to be completed late next year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A four-bedroom apartment, part of the tower, recently sold for $9 million to a well-known Sydney family.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Other notable projects include Bensons' Society Armadale homes, in Melbourne's inner south.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/springs-death-woman-charged-with-murder-after-mans-body-found-inside-burnt-out-car-in-wa/81e0fa59-dc0a-47a8-b2db-734adb2a55e6" rel="" target="" title="Woman charged with murder after man's body found inside burnt out car in WA"><strong><span>Woman charged with murder after man's body found inside burnt out car in WA</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Under a proposal to be put to creditors, BPG intends to continue trading during and beyond the administration and receivership period.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The company confirmed there were no plans for redundancies.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Bensons Property Group is a proud property developer that is in the business of delivering homes for Australians to live in and own, but we need this reset so that can continue," BPG managing director and chief executive Rick Curtis said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This was not an easy decision, however, I want to assure our people that there are no plans for redundancies."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The company stated that it believed the process offered the best opportunity to navigate through this period and emerge stronger.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I also want to assure the hundreds of Australians who have purchased apartments in projects that we are managing, that we are taking this action to help protect their interests and the interests of BPG," Curtis said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We currently have a development pipeline worth well over $1.5 billion, and I am confident that we will get through this period and come out of it as an even stronger business."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>BPG is the latest in a long list of construction businesses that have fallen into administration or collapsed entirely since the pandemic, with supply chain disruptions, skilled worker shortages and high material costs all contributing factors.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" title="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f"><em><strong><span>DOWNLOAD THE 9NEWS APP</span></strong></em></a><em><strong><span>:</span></strong></em><span> </span><em><strong><span>Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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