It’s not unusual for developments on this scale to face delays, but this project has been particularly frustrating and difficult.
We’ve have very little activity on site for the past year waiting for Erson Developments to work through the design and consenting issues, so while their decision is to officially put Beachcroft on hold is disappointing it won’t have significant impact on our staff or subcontractors given we have already redeployed then on other projects.
All the subcontractors we’ve used on this project have been paid already, so thankfully that is not an issue. The major impact is really on the people who had already bought units. Erson’s decision will be a tough pill to swallow, and we feel for them.
Once the design and consenting issues are resolved we will be ready and willing to pick the tools back up with a new developer, so we will just wait and see how it all plays out. Having come this far we would like to see this project through to its end.
We have a few weeks now to clear out the site and some final details to work through Erson. That’s about all we can say at this point.