Commercial constructionSPECIAL REPORT FEATURE COMMERCIAL CONSTRUCTION

Contractors position for market rebound WA’s commercial construction bosses remain cautiously optimistic, even as the industry reels from the longest and largest contraction of activity ever recorded.

UPBEAT: Sam Delmenico says he’s excited about the industry’s prospects in 2020 and beyond. Photo: Gabriel Oliveira

history, particularly for the to have gone on, and just contin- VALUE OF DEFERRED industry’s mid-tier and smaller ued to grind away. $ WESTFIELD GALLERIA players. “I’m surprised that more build- As the total value of building ers haven’t fallen over yet.” m EXPANSION work done in WA has plunged While some parts of the WA 500 from record highs to levels not economy such as iron ore or the In 2019, those office projects market conditions could best be seen for 13 years (see graph), pres- energy sector are experiencing an have been completed, but have described as a large undersupply sure has mounted on contractors. uplift in sentiment, the prover- not yet been replaced, with many of work. And, while many industry bial light at the end of the tunnel approved proposals remaining “We are probably 35 to 40 per Dan Wilkie players acknowledge construc- has not yet started to shine for on the drawing board as the city’s cent down from where we were [email protected] tion is a cyclically volatile sector, commercial construction. office market begins to rebound at our peak in terms of volumes the length and depth of the As recently as 2015, there were from a long period of increasing of work in the marketplace,” Mr downturn has surprised many. eight significant office buildings vacancy. Kunkler said. F the Australian Bureau of “It’s gotten so tough to survive scheduled for completion in a The McGowan Labor govern- “That’s having a fairly signifi- Statistics tracked morale now the fun is gone,” Perkins calendar year, including four ment is also wary of making cant impact on how hard people Ias an economic indicator, Builders group general manager towers at the Kings Square pre- substantial investments have to compete to win work, it’s safe to say levels in Western Mark Parrish told Business News. cinct and the 35-storey David like those of its predecessor, and then there are a whole ’s construction sector “We are all hoping for things Malcolm Justice Centre. instead prioritising budget range of flow-on effects down would likely be near or at an all- to pick up a bit – competition is At the same time, the state repair over new builds, while the supply chain from head con- time low. good, we all understand that, but government was investing heav- funnelling money away for its tractors down to the smallest The state’s commercial build- the balance is just a little bit out ily, with mega projects such as comprehensive public trans- subcontractor.” ing sector is just four years at the moment. the $1.6 billion Optus Stadium, port infrastructure upgrade, He said ’s apartments removed from its historical “I haven’t seen it this flat for the $1.2 billion Perth Children’s Metronet. market, which had been a solid peak, according to ABS data, but this long, we have hit tough times Hospital and the $440 million PACT Construction gen- pipeline for contractors, was not those boom times seem a dis- in the past and the cycles always Elizabeth Quay helping to keep eral manager Jason Kunkler providing any substantial solace tant memory rather than recent bounce back, but this one seems contractors’ work books full. told Business News current for those struggling to pick up COMMERCIAL CONSTRUCTION FEATURE Value of building work done, all sectors - 4,000,000

3,000,000 ) ($ e 2,000,000 valu l ta To

1,000,000

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Source: ABS Se Se Se Se Se Se Se Se Se Se Se Se Se Se Se Se Se Se Se Se

INTENSE: WA’s commercial contractors are focusing on delivering value above and UPBEAT: Sam Delmenico says he’s excited about the industry’s prospects in 2020 and beyond. Photo: Gabriel Oliveira beyond developers’ expectations in order to win work. Photo: Attila Csaszar

work. “Developers are now forced business. We just have to get An expected bonanza in retail to look at cost efficiencies and We need some new major better.” building has also not fully mate- time efficiencies and to get a However, contractors at the rialised, with a $500 million high-quality outcome through projects, big construction projects top end of town are also feeling expansion of Westfield Galleria all of that; it results in a much the pinch from the pressure of a deferred, negotiations between greater load downstream for to keep the industry going and keep shrinking pipeline of potential AMP Capital and Scentre Group’s everyone to carry. work. building arm over a $750 million “It’s a bit of a tough gig for capacity in the sector - John Gelavis Probuild WA managing direc- expansion of Garden City Boor- most people in the market, that’s tor Sam Delmenico said that agoon becoming increasingly for sure.” everything you do, that’s really expressions of interest process while the national contractor drawn out, and no firm date set That environment, Mr Kunkler important today. before you even get onto a tender currently had three major pro- for the start of a planned $450 said, was forcing builders to go “When we do a tender today, it’s list,” he said. jects on its books in Fragrance million redevelopment of West- beyond a client’s brief when ten- as much about looking for how “It’s fair to say that it’s hard Group’s NV Apartments and field Stirling, formerly Innaloo. dering in order to differentiate you can add value beyond what to get on a tender list now, espe- hotel development on Murray “On the client side of the equa- from competitors’ bids. the tender asks you to do as it is cially when the bigger companies Street, the soon-to-be completed tion, developers are really finding “We always look for ways to about pricing what they ask you like Multiplex and Probuild, Ritz-Carlton and The Towers and it tough to make jobs stack up as innovate, to do things differently to do.” these sorts of guys, when they Sirona Capital’s Kings Square well,” Mr Kunkler said. and to be able to build value and Perkins’ Mr Parrish said the start looking at smaller jobs. Fremantle, he also acknowledged “With almost zero net provide program efficiencies, dearth of projects worth $500 “They come down and they the challenges facing the sector. migration into WA, things like cost efficiencies, whatever it million-plus in WA was having knock someone else off a tender “Slow is probably the best way apartments and mixed-use pro- may be, you need to build fur- severe flow-on effects, which list. to describe it,” Mr Delmenico told jects, even some of the retail stuff ther potential into the project,” were particularly being felt by “It does make it more diffi- Business News. is marginal at best and, if you he said. mid-tier contractors such as cult and it makes us all focus “We have been turning a pretty look at the lack of people around “You can’t just build what’s put Perkins. on improving everything we do, big corner over the last four to buy new product, it becomes in front of you any more, you “With most projects these the efficiencies in our construc- increasingly challenging. have got to look for potential in days you have to go through an tion and the way we present our Continued on next page FEATURE COMMERCIAL CONSTRUCTION Contractors position for market rebound

EASE: Chris Palandri says the market’s current issues have been exacerbated by the industry’s boom being so big. Photo: Gabriel Oliveira

From previous page PERCENTAGE OF WA construction sector. not as bad as what may be made “As the market has come off out to be at the moment. years, and fortunately we’ve had % WORKFORCE EMPLOYED and the big projects have come to “I say that with respect to the a pretty solid work book to see us IN CONSTRUCTION an end, workers and contractors treasurer, but they are so focused through that time. 10.2 in that sector have struggled,” Mr on net debt and I think they are “But things are still slow, “In the last 10 years, we have one of the bigger investors in the Gelavis said. keeping their cards close to the things are taking longer to get off done 26 projects and just over oil and gas industry in Western “When the market comes off chest. the ground, there are things out $6.5 billion worth of work,” Mr Australia, having the confidence like it has, builders and sub- “The iron ore price is pretty there, but they are just taking Palandri said. to go and take a long-term lease contractors, everyone is under solid at the moment, and with time to get going. “It was a massive workload and get things up and running,” pressure. the GST returns now, the govern- “We would love there to be over a period of time and now he said. He said the contribution the ment has to seek out a couple of more opportunities and things to we are just probably going into “A lot of the projects coming construction sector made to major construction projects to get going a bit quicker, but at the a trough and back to a more nor- up, including the Chevron pro- the state’s economy in terms of keep capacity in the industry.” same time we’re confident about malised Perth market. ject, are consortium bids. apprentice training and job cre- Probuild’s Mr Delmenico the future and with our business “That’s really where we are at “We had to put in a really com- ation could not be understated agreed the sector would benefit going forward. the moment, what’s happening petitive price to Brookfield so and needed stimulus. greatly from an uptick in govern- “It’s been a big corner to turn, is that project size is getting they could provide a competitive “There’s a need for more ment-funded works. everyone would acknowledge smaller, but competition is get- rent to Chevron so that we could infrastructure,” Mr Gelavis told “It would certainly help to have that, and hopefully from next ting bigger.” knock out the other competitors Business News. some major projects,” he said. year we will start to see things Mr Palandri said Multiplex’s in the market. “I’m not talking about roads “One good sign is that some of starting to pick up again.” pipeline of works, which includes “The market is improving, it’s and rail such as Metronet – while the institutions have been look- Multiplex WA regional manag- Chevron’s headquarters to be certainly not going to get worse. that’s good for our civil members, ing back at Perth as a real option. ing director Chris Palandri was built at Elizabeth Quay, the “Although the state govern- the bigger infrastructure pro- “As things start to slow down also optimistic about a potential $500 million expansion of Kar- ment doesn’t seem to have much jects and the bigger projects need on the east coast, hopefully, that recovery to more normal market rinyup Shopping Centre and capacity or inclination to spend to be attracted into WA. is good for us here in the west. conditions in 2020 and beyond. a $200 million data centre for a lot of money moving forward, “Metronet is going to roll out “The state government’s need Mr Palandri said the downturn NextDC in East Perth, was indic- that will happen down the track over the next five to 10 years, but for a new headquarters for WA had been exacerbated by the fact ative of increasing investment as the finances are fixed up.” the wait is going to be too long. Police looks like it could be a WA’s construction market’s peak confidence. In that regard, Master Build- “We need some new major pro- great opportunity in the next included big-ticket items such as “The Chevron project is a nice ers Association WA executive jects, big construction projects to year, and that’s going to be hotly hospitals, stadiums, hotels and sign in the market about the big director John Gelavis urged the keep the industry going and keep contested no doubt, so there are shopping centres that kept con- end of town being Brookfield state government to take a pro- capacity in the sector. some positive signs, but it would tractors busy for extended periods. Properties and Chevron, being active stance to help revive the “The state coffers are probably be nice if there was more there.” COMMERCIAL CONSTRUCTION FEATURE

SEARCHENGINE WA’S LARGEST CONSTRUCTION COMPANIES ...your key to WA business RANKED BY TOTAL COMBINED VALUE OF CURRENT WA PROJECTS ($)

Change Offices Total from Year Total a) WA combined value No. of WA previous established staff in b) inter- of current WA current Rank year Company Senior WA executive and title in WA WA state projects ($m) projects Current WA projects Mr Chris Palandri 1 — Multiplex Regional Managing 1962 189 a) 1 NFP 9 Karrinyup Shopping Centre redevelopment, New Museum for WA, Edith Director b) 3 Cowan University science building, NextDC P2 data centre Mr Sam Delmenico a) 1 2  Probuild Managing Director, WA 2006 132 b) 3 NFP 3 NV Apartments, Ritz-Carlton & The Towers, Kings Square Fremantle. Myvista Retirement Village in Mirrabooka, Rosewood Aged Care in 3  Pindan Mr George Allingame 1977 380 a) 9 NFP 56 West Perth, Koodaideri Enabling Village in Pilbara, Kings Square Civic Chair, Managing Director b) 3 Building & Library in Fremantle, Northam Health Service… Mr Shing Hoi Cheong 4 — BGC Australia General Manager, 1974 NFP a) 1 NFP 25 Precinct Project, Vantage Apartments, Essence Apartments, The Crest, BGC Construction b) 6 Purpose Built Student Accommodation Donnybrook House, Aspire Apartments, Banksia Grove Commercial 5  Perkins Builders Mr Dan Perkins 1965 130 a) 2 475 27 Development, Halls Head Commercial Development, UWA Ezone Managing Director b) 2 Student Hub, West Coast Eagles TAC, Margaret River High School… Mr Vince Mulholland 6  Doric Chief Executive Officer 1989 100 a) 1 420 2 HMAS Stirling Stage 3A Redevelopment, 500 Hay Street, Subiaco Mr Chris Learmonth Curtin University, Forrest Chase Redevelopment, Campbell Barracks 7 — Lendlease General Manager, 1964 400 a) 1 NFP 11 Redevelopment, Waterbank infrastructure, Works for Coles, NAB and Building, WA b) 7 ANZ, works for Lendlease Retirement Living and Lendlease Central Park Mr John Georgiou a) 3 Skybridge, Marina East Apartments, Metropolitan 8 — Georgiou Group Executive Chair 1977 410 b) 2 NFP 20 Improvement Road Alliance, Hollywood Hospital Expansion Arthouse Apartments, Camilla Apartments, Australis Rossmoyne 9  PACT Construction Mr Jason Kunkler 2004 62 a) 1 261 9 Waters, 650 Albany Highway. Evolve Duncraig, Carrington 57, Inner City General Manager College, Faulkner Civic Centre, Edition Como Mr Vince Mulholland Cirque apartments, Mantra Hotel on Hay Street, Craigcare Ascot Aged 10 — Jaxon Chief Executive 1958 70 a) 1 235 6 Care facility, St Georges College, Parrallel, Lucent

Mr Greg Mithen a) 1 Charles St Apartments, Equinix Shenton Park, Pfizer Expansion, Onslow 11  Cockram Construction WA State Manager 1932 75 b) 7 200 10 Health Service Redevelopment. Swancare Bentley, Woolworths Mt Pleasant, Baldivis South Community 12  ADCO Constructions Mr James Prattent 2013 60 a) 1 200 11 Centre, Baldivis South Senior High School, Hitachi Re manufacturing State Manager, WA b) 5 Facility, Bunbury Prison Expansion, Southern River College… Mr Camillo Masci a) 1 13  Broad Construction General Manager 1991 97 b) 1 NFP 3 BHP Camps, Karingal Green Aged Care Facility, CPE

Mr Gerry Hanssen - 14  Hanssen Managing Director 1994 40 a) 1 187 4 Vue, Palmyra, Sabina, One Kennedy St Vincents aged care facility, Butler North Senior High School, Aegis 15  EMCO Building Mr Ron Keogh 1986 60 a) 1 182 12 Aged Care North Coogee, St Catherine’s student accommodation UWA, Chief Executive Officer Melville Senior High Schol, Ballajura Senior High School… Piccadilly Arcade, Central Park Lobby upgrade, 125 Murray Street 16  Built Mr Rod O'Neill 1998 NFP a) 1 NFP 6 Building and Facade Upgrade, 240 St Georges Tce, Mirvac Compass General Manager, WA b) 5 Apartments Mr Simon Linklater Baptist Care Karrinyup, Richardson Aged Care, Quest Apartments 17 — FIRM Construction Director 2003 50 a) 1 100 14 Midland Mosman Park Shopping Centre, ,Italian Aged Care, WA Schools PPP 18 — Badge Constructions Mr Julian Timmis 1999 45 a) 1 95.4 7 Project, Bindoon Range Works, Joint Health Command Campbell State Manager, WA b) 3 Barracks, Joint Health Command Pearce RAAF Base… Mr David Crothers Executive Residence Dongara, Executive Residence Perth, Calleya Spire 19  Crothers Construction 1999 NFP a) 2 NFP 13 Club House Perth, Pet City, Geraldton, Lakeland Multipurpose Hockey & Managing Director Community Facility Cockburn, Flowserve Alterations & Additions Perth… Mr Michael Read 20  MGroup Director, M/Construction 2001 25 a) 1 64.5 7 Curtin University Works, M28, Quest Joondalup, Programmed, M26 21 GET THE FULL LIST ONLINE businessnews.com.au/List/construction

All information compiled using surveys, publicly available data and contact with industry sources. Other companies may be eligible for inclusion. If you believe your company is eligible, please email: 97 [email protected] *Estimate, WND: Would Not Disclose, NFP: Not For Publication, N/A: Not Applicable or Not Available. FEATURE COMMERCIAL CONSTRUCTION The big tickets - Perth’s largest construction jobs Karrinyup Shopping Centre WA Museum $800,000,000 $428,000,000

Ritz Carlton & The Towers $500,000,000

Kings Square Fremantle $270,000,000 COMMERCIAL CONSTRUCTION FEATURE The big tickets - Perth’s largest construction jobs WA Museum NV Apartments LEGEND Project Source: $428,000,000 $200,000,000 Estimated cost ($) SEARCHENGINE Builder ...your key to WA business Karingal Green Aged Care Precinct $90,000,000 Rosewood West Peth $70,000,000 The Precinct, Mount Pleasant Inner City College $190,000,000 $68,000,000 Butler North Secondary School $52,000,000 Opal Alfred Cove $36,000,000 Prime House Curtin University School of Joondalup Built Environment & Design $31,000,000 $110,000,000 Perth’s largest construction jobs Prime House Joondalup PROJECTS Karrinyup Shopping Karrinyup ShoppingCentre Centre Ritz Carlton & Ritz CarltonThe & The Towers Towers WA WAMuseum Museum Kings Square Fremantle HMAS StirlingHMAS Infrastructure Stirling Infrastructure Kings SquareKings Fremantle Square $270,000,000 Fremantle NV ApartmentsNV Apartments TheThe Precinct, Precinct, Mount PleasantMount Project Forrest Chase Pleasant Curtin University SchoolCurtin of University Built Environment School & of Design Built Prime House Joondalup Environment & Design Opal Alfred Cove $100,000,000 ForrestForrest Chase Chase Butler North Secondary School Karingal GreenKaringal Aged Care PrecinctGreen Aged Care Precinct Inner City College RosewoodRosewood West Peth West Peth Rosewood West Peth Inner City Inner CityCollege College Karingal Green Aged Care Precinct Butler North Butler SecondaryNorth Secondary School School Forrest Chase Opal Curtin University School of Built Environment & Design OpalAlfred Alfred Cove Cove Prime House The Precinct, Mount Pleasant Prime HouseJoondalup Joondalup 0 $ MILLION 400 800 NV Apartments 0 400 800 Kings Square Fremantle $ Millions HMAS Stirling Infrastructure WA Museum Ritz Carlton & The Towers FEATURE COMMERCIAL CONSTRUCTION

PROTECTION: Murray Thornhill says small businesses need support. Photos: Gabriel Oliveira CAUTION: John Gelavis says the state government should not rush to legislate payment laws. Sharper focus on shielding subbies Security of payments has been a hot topic of debate in WA construction, as the state government considers options to protect subcontractors.

Dan Wilkie An indication of the drawn- companies that demonstrate But that fact did not down- and 10 cents for each dollar they [email protected] out nature of the issue was that poor payment practices. play the importance of strong were owed. the report was the seventh of The Fiocco report also pro- legislation to ensure subcon- “The people that ultimately FROM top to bottom, Western its kind produced in WA, making posed the introduction of a tractors were not ‘stiffed’ on suffer the most really are the Australia’s construction sector 44 recommendations to protect statutory deemed trusts scheme payments – either as a result of subcontractors,” Mr Thornhill unanimously agrees that every- subcontractors in the event of where contractors and subcon- builders going bust, or contrac- told Business News. one in the industry’s supply company collapses. tractors along the supply chain tors that remained solvent but “Shareholders take a commer- chain should be confident of Recommendations consid- hold funds in trust for parties were nonetheless slow to settle cial risk, but the subcontractors being paid for the work they ered to have the most impact further down the line. their accounts, Mr Thornhill are often mum and dad busi- have done. for industry included changes HHG Legal Group director said. nesses and they just cannot However, for the state gov- to the Building Services Act Murray Thornhill said there The Fiocco report showed survive even the blow of one ernment, legislating exactly to better define penalties for was nothing particularly new or construction insolvencies rose unpaid contract. how to ensure payments occur tardy payers and the introduc- radical proposed in the report from 127 in 2012-13 to 218 in 2016- “Surely that gives urgency to on time throughout the supply tion of demerit points against that had not been raised before. 17, with the value of total losses this kind of reform. chain has been a long-running more than doubling over that “The original Construction challenge. time, using the report’s lowest Contracts Act and the whole In December last year, It’s about survival, and they estimates. idea of security of payments then-commerce minister Bill Of those 218 collapses in 2016- legislation and rapid adjudi- Johnston released a long- (subcontractors) are the engine 17, unsecured creditors received cation of disputes is all about awaited report on security of nothing in return in 189 cases, keeping the money flowing payments in WA construction, room in a lot of these projects while in the remaining insol- down the contracting chain. prepared by barrister John vencies, creditors received an “Ultimately, it would benefit Fiocco. - Murray Thornhill estimated return of between 1 everyone, but particularly it’s COMMERCIAL CONSTRUCTION FEATURE

CONSTRUCTION IN CRISIS

Construction industry insolvencies 218 in WA in 2016-17 $337 million to $654 million Estimated cost to state economy of building industry insolvencies in 2016-17

$237 million to $505 million Estimated amount owed to creditors from construction collapses in 2016-17 -10,000 Reduction in number of employees in WA construction from 2017 to 2018 NOTABLE RECENT CONTRACTOR COLLAPSES: RCR Tomlinson, Forge Group, Cooper & Oxley, Diploma Group, CPD Contractors, Builton Corp CAUTION: John Gelavis says the state government should not rush to legislate payment laws. Sources: Fiocco Report, Construction Training Fund

Master Builders Association the best way to ensure security out because you’re struggling a which were increasingly seek- WA executive director John of payment. bit, you can’t touch that money ing certainty that the builder Gelavis urged the state govern- He said because no other because it is for the next person they engage will still be around Sharper focus on shielding subbies ment not to rush to legislate any state in the country had intro- down the chain.” to finish the job. sort of new security of payment duced statutory trusts, it would Multiplex WA regional man- “Particularly, over the past laws until it determined exactly be difficult to determine its aging director Chris Palandri, one to two years where we’ve how it would affect the sector. impact on industry. while not a believer that project had builder failure and we’ve “If you have a deemed trust, “Everyone has to be paid bank accounts or deemed trusts had subcontractor failure, cli- how will that operate, what through the supply chain but were the right way forward to ents in the market today would training is required, are busi- this particular model isn’t being protect subcontractors, said in some instances not be so sure important for subcontractors, nesses capitalised enough to be used in any state in Australia,” security of payment issues had about who they are partnering it’s about their survival. able to manage a trust system?” Mr Gelavis said. been exacerbated by tight profit with in project delivery,” Mr “It’s not about how you can Mr Gelavis said. “Government just needs to margins driven by the market’s Kunkler said. make businesses more effi- “There needs to be a process, make sure right along the way prolonged downturn in activity. “That’s been our experience cient or improve things, it’s and they have got to take it slow that it will work, and the costs “The industry is just highly at PACT, there are lots of good about survival, and they are to make sure they get it abso- won’t have a significant impact competitive, the margins are questions asked around how the engine room in a lot of these lutely right and engage with on the sector, because that very low, you could say that strong we are financially, how projects – they have particular industry right through the could compound things more they are traditionally low but good is our balance sheet and skills that big contractors don’t process. for an industry that’s already margins are very low,” Mr Palan- what our performance is like often have in house. “If they rush some legislation struggling as it is. dri said. over a track record of a number “If we want to have a crea- through and it doesn’t work, “We are yet to see what it looks “Regardless of whether the of years and in certain project tive construction industry that then you could in fact have a like, if you are holding money market is strong or weak, like in types. encourages entrepreneurship, converse effect than what they in trust. At this stage, the whole the environment that we have “There is a real good quali- then you need to protect the are trying to achieve. concept is that money is held in now, there is not a long way to fication process going on and little guys and provide a level “They have to work it through a trust, so what does that do to go to cut margins. I think with our business we playing field.” in a methodical and logical way a small to medium enterprise’s “Net margins for builders are fortunate enough to have However, while the industry to ensure that it is implemented cash flow? generally sit around 2 per cent, the backing of the ABN Group agrees that security of payments correctly.” “If you are a small subbie, so there is not a lot of wriggle and being able to offer that cer- is a pressing issue, many are Mr Gelavis said a particular are you capitalised enough to room if something goes wrong.” tainty of outcome for all of our divided on the potential intro- challenge facing the state gov- manage the process? PACT Construction managing clients and customers. duction of statutory deemed ernment was that there was no “If it is a trust model, then director Jason Kunkler said that “We have performed well over trusts or project bank accounts, model in place in other states you can’t move money out of environment had caused some our 15 years and we are capable as considered by the report. that was generally accepted as that trust, you can’t pay wages trepidation among developers, of performing into the future.” Commercial construction SPECIAL REPORT

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