Belconnen Markets appoints Construction Control as new builder after PBS Building collapse

Work at the site came to a halt last Friday afternoon, just days before the contracted builder, PBS Building, went into voluntary administration.

Elanor Investors Group, which has owned the markets since 2018, has appointed Construction Control to complete the construction of the new Capital Food Market.

Elanor Investors Group co-head of real estate Michael Baliva said the group was working with subcontractors already engaged on the project.

"Construction of the new market hall is well progressed," he said.

"Our team has worked tirelessly over the past week to ensure our sub-contractors have the opportunity to continue working on the project, allowing the opening the Capital Food Market to not be significantly delayed.

"We're excited to realise our vision of delivering a new fresh food and casual dining experience.

"We look forward to welcoming Canberra's residents and visitors to the Capital Food Market in the coming months."

Existing market traders will continue to operate out of the temporary site, known as the Belco Shed, which they relocated to in early 2022.

Canberra-based construction company PBS Building called in administrators for five of its companies on Tuesday afternoon.

The 33-year-old company, which operates in the ACT, NSW and Queensland, made its 180 employees redundant on Monday.

The company is estimated to owe more than $25 million to more than 1000 creditors.

About 80 residential and commercial projects are impacted by the company's collapse, including The Parks, Red Hill and The Melrose, in Woden.

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Elanor Investors Group's Belconnen Markets syndicate purchased the markets site in 2018 for $43.75 million.

The sale included the adjacent car park and vacant development land.

The group sold off a portion of the land to developer Custom Apartments in 2021 for $14 million.

In 2019, Elanor Investors Group detailed plans for the $100 million redevelopment of the Belconnen Markets.

Stage one of the plans involved building a new retail strip on Ibbott Lane.

The second stage, currently underway, involves replacing the Belconnen Markets with a new 5500-square-metre space inspired by European food markets.

To be called Capital Food Market, the new precinct was initially scheduled to open in late 2020.

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