Award-winning Melbourne builder Bayside Construct goes into administration

The Melbourne builder Bayside Construct has gone in to administration with 12 current projects being handed over to other builders.

The Port Melbourne-based company has debts estimated at around $20 million.

Administrator Sam Kaso told the Australian Financial Review that 49 people were made redundant upon being appointed as voluntary administrator last week.

Bayside managing director Craig Hopcroft told the AFR eight of the 12 projects were doing okay, but four were "pretty much under water."

"Two of those were terrible projects. That's all you need these days – you only need a couple of bad jobs when margins are so tight."

Initial assessments showed that Bayside Construct owed up to $13 million to external unsecured creditors, mainly subcontractors.

Last year won the company won an award for the country's best medium-rise residential development for Mint at Port Melbourne.

Established in 2006, Bayside Construct specialised in the delivery of high-end and contemporary multi-residential developments and bespoke homes.