- Tripe MMM have defaulted on their payments
- Upon completion, the development is expected to be valued at $155 million
- The builder, ADCO, remains committed to the project
Merricks Capital has announced today that it has placed the Melbourne Place hotel development project into voluntary administration following payment defaults by the developer, Triple MMM Holdings Pty Ltd (Triple MMM).
Upon completion, the project is expected to be valued at $155 million and will consist of a 15-storey, 189-boutique hotel on the Paris end of Melbourne’s CBD.
McGrathNicol Restructuring has appointed Partners Matthew Hutton and Matthew Caddy as the administrators.
“The Administrators are undertaking an urgent assessment of the Melbourne Place project. We will be working constructively with all stakeholders including the builder, ADCO Constructions, to seek to secure the best possible outcome for all parties,” said Mr Hutton.
Currently, the project is in the early stages of both construction and funding, with the basement and early works underway.
Merricks Capital is the senior secured lender of the project, and had made available a $105 million facility, of which around $40…