New venture takes over at stalled Arrow high-rise
The shareholders of the new company, each with one-third ownership, are: Arrow International; former development partner Vicinity, of which Cole is a director; and Kelmarna Property Holdings.
But Cole said that in spite of the equity arrangements, 111 Contract was being operated quite separately from Arrow and its co-owners Ron Anderson and Bob Foster.
He said it was not a ‘‘phoenix company’’ in the sense that it didn’t involve a builder who went bust, left subcontractors out of pocket, and tried to set up again.
Subcontractors had been paid, and it was a new entity, minus the involvement of Arrow.
It is understood the project may be barely profitable.
The Dixon St venture had differed from other Arrow projects because the company had been the developer in partnership with Vicinity. In other projects Arrow has been a contractor.
Cole expected to finish the project later this year.
‘‘We would like to thank all involved through this difficult time. The support everyone has shown is hugely appreciated. Throughout we have been acutely aware of the need to ensure everyone is taken care of.’’
Cole said the site had been operating through the changeover process with minimal disruption.
Last week contractors downed tools on several Arrow sites as rumours swirled about its future.
‘‘Dixon is a combination of a significant number of people – each with their specialist skills. Every one of them has worked together to ensure we can finish the project and get everyone paid with as little disruption as possible.’’