The stoppage of work at a luxury apartment project in Brisbane's CBD after the collapse of construction giant Probuild is "devastating" for the workers and their families, the union representing workers says.
The Construction, Forestry, Maritime, Mining and Energy Union's Queensland Construction Division said about 160 workers on the 443 Queen Street site have been left without work.
"Some of their employees may have other work for them to go to, many won't," assistant state secretary Jade Ingham said.
Mr Ingham said the news that Probuild, one of the nation's largest building companies, was going into administration had "caught everyone by surprise".
He said there were around 20 subcontracting firms associated with the Queen Street build, with "between four and six months" of work left to complete the major apartment complex.
Mr Ingham said anywhere between "$7 to $10 million" was owed to subcontractors.
Mostly known in Australia for its major projects in Victoria and New South Wales, 443 Queen Street is the only Queensland project Probuild is currently involved in.
Mr Ingham said there was a meeting between the appointed administrator Deloitte and local Queensland management today.
He said he believed Queensland management were "in the dark" about the financial position of the company.
The 443 Queen Street project would be home to more than 260 residential apartments and is owned by Cbus Property.
The website for the riverside project claims the building will be "Brisbane's first premium subtropical residential tower", boasting "unprecedented views".
The project has been marred by setbacks for years, initially due to its proximity to the heritage-listed Customs House.
No official notification of administration from Probuild: union
Mr Ingham said Probuild have not officially told workers to pack up shop, but many have.
"Unfortunately, this is a well-trodden path in the construction industry," he said.
"We still haven't had any official notification from Probuild that the company is in administration. We're learning things through the media.
"If they didn't pick up their tools they potentially would have been locked up for weeks or months or how ever long it takes the administrator to sort the mess out."
Mr Ingham said the CFMEU believed Probuild had bid "under market" on the project in preparation for sale to a Chinese company, which was shot down last year by the federal government.
"It appears Probuild management didn't have a plan B," he said.
"We believe they left a lot of money on the table at tender time and unfortunately, it's come back to haunt them."
