Australian building design company Nostra Property Group is set to acquire the multi-dwelling business of Melbourne-based construction company Porter Davis Homes (PDH).
This multi-dwelling business focuses on the construction of townhouse projects.
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Using the same PDH designs, Nostra Property Group will continue the construction of around 126 townhouses for multiple developers that are now at different phases of development and have all been pre-sold to end consumers.
The company will also begin the construction of additional 169 townhouses, which have also been pre-sold to end customers.
Nostra Property Group managing director and founder Anthony Caruana said: “It was a natural fit for our business, we already work with many of the same developers and myself, along with the NPG team are excited about working with the high calibre of people that will be joining us from the Porter Davis team.
“Together, we will work towards not only completing the existing partially built homes in this portfolio but also those projects which are yet to commence.
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By GlobalData“This will ensure that we can provide much-needed certainty to the families who have purchased a PDH-designed townhouse and they can once again look forward to having a new place to call home.”
The acquisition will aid 16 PDH jobs and supply building services to 80 PDH retail clients whose homes have not yet been started.
Grant Thornton joint and several liquidator Said Jahani said: “All parties worked tirelessly to achieve a positive outcome in an extremely short period of time which will see a number of jobs preserved, disruption minimised for several existing and future projects and critically up to 375 homes built for families who have had to suffer enormous stress and anxiety following the collapse of the PDH Group.”
