BSSPV Pty Ltd (formerly Beulah SB SPV Pty Ltd) - Voluntary Administration

BSSPV Pty Ltd (formerly Beulah SB SPV Pty Ltd), the project manager behind the $2.7 billion Sth Bnk residential project site in Melbourne — Australia's tallest apartment project — was placed into voluntary administration on 11 February by developer Beulah International.

Beulah acquired the site for just over $100 million in 2017. Construction was set to commence in 2020 and then again last year, but has not started due to a combination of soaring construction costs and broader challenges in the construction industry. Beulah said the availability of money was not the problem, but rather technical challenges in the construction process that create new risks for funders.

David Vasudevan and Lindsay Bainbridge of Pitcher Partners were appointed voluntary administrators. The appointment comes after architecture firms Cox Architecture and UN Studio, which designed the project, filed a wind-up notice against the company. The future of the project is currently unclear, but Beulah is currently working to secure extra construction financing so that the project can be built.