Nostra Homes confirms to complete up to 375 homes for collapsed home builder, Porter Davis17th April 2023
Nostra Property Group is pleased to announce that on 15 April 2023 we have entered into an agreement for the sale of Porter Davis Homes multiple dwelling business to the Nostra Property Group (https://nostrapropertygroup.com.au/).
Porter Davis multiple dwelling business counts some of Australia and Victoria’s largest developers as its customers, constructing primarily townhouses which are sold off the plan by these developers.
The sale covers:
Nostra Property Group stepping in to complete up to 126 townhouses using the same PDH designs for various developers which are currently all at different stages of construction, all of which have been pre-sold to end customers, off the plan.
The ability for Nostra Property Group to step in and commence construction for up to 169 townhouses using the same Porter Davis designs for various developers across a number of projects, many of which have been pre-sold to end customers off the plan.
Ongoing employment for 16 Porter Davis team members who will be offered employment by Nostra Property Group
Separately, Nostra Property Group will also step in to support c. 80 retail customers of Porter Davis whose homes are yet to be commenced to provide their building services. These customers have been directly contacted by the Liquidators and have been given the option to consider Nostra Property Group as a replacement builder.
Said Jahani, Joint and Several Liquidator from Grant Thornton 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.”
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 caliber 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. 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.”
Anthony went on to say ‘Looking after customers with existing projects was our first priority. Our discussions are continuing this week as we’ve secured the exclusive rights to sell and/or construct up to 700 medium density/townhouse projects that resided in the Porter Davis medium density pipeline of committed works.’
About Nostra Property Group: Nostra Property Group was founded by Anthony Caruana in 2006 and has grown to become one of Victoria’s pre-eminent residential home builders, specialising in both townhouse developments as well as freestanding dwellings. The company has delivered thousands of homes since their inception and is a tier one partner to many of Australia’s leading property companies, delivering joint venture projects in high quality master-planned communities.
Astute management throughout the company’s 17 years of operation has shown stable growth with consistent delivery of high-quality projects. The ability of the business to be agile throughout changing market conditions such as the impacts of the COVID – 19 pandemic, rising costs of materials across the construction industry and competitive market conditions allowed Nostra Property Group to present a solid position to liquidators and provide comfort that they were ready to expand and scale. In addition to the 16 team members joining from the PDH Group, NPG will immediately recruit new roles whilst also providing ongoing work and employment to hundreds of subcontractors and trades people in the construction industry