The ABN Group-owned company says it expects to make some redundancies.
Parcel Property has wound-up its apartment arm to focus on land development, amid a challenging time for the multi-residential sector.
The ABN-Group company announced today it “has made the difficult decision to wind up the built form component of Parcel Property”.
Six employees and two apartment projects are affected by the move.
Parcel’s $15 million eight-storey apartment project in Mount Hawthorn and its West Leedervile multi-residential development have been shelved as a result of the decision.
No sales contracts have entered into for either of these projects.
Parcel Property was also working on the $185 million Matilda Bay project, knocked back at a JDAP this year, on behalf of 3 Oceans Property.
The company’s NOMA Residences in Mosman Park reached practical completion recently.
“We have commenced a consultation process with the affected employees and, while we continue to explore redeployment opportunities, some of these roles may become redundant,” Parcel Property executive general manager Andrew Auret said in a statement.
“Whilst this decision was incredibly difficult, it was essential to ensure the long-term success of Parcel Property in a dynamic and challenging environment.”
Mr Auret added that by streamlining the company’s focus, it would position itself to grow.
“The balance of Parcel’s land development business will be unaffected and will continue to grow in strength and portfolio,” he said.
Data & Insights ranks Parcel Property as the 12th largest built form developer in the state by value of projects under construction and fifth largest land developer.
Mr Auret said the company was committed to supporting the impacted staff during the transition.
