Australia’s property construction sector has lost one of its longest-standing players with the sudden collapse of Novati Constructions Pty Ltd, a sydney-based builder operating since 1971.

Administrators from Worrells were appointed this week after the nearly 50-year-old company was placed into voluntary administration, triggered by financial difficulties that reflect broader pressures on the industry.

A first creditors’ meeting has been scheduled for next Wednesday (18 February) as stakeholders seek clarity on the business’s future.

Family business brought to a halt

Novati Constructions was founded in 1971 by Peter Novati and remained a family enterprise, with Luisa and Marco Novati listed as company directors at the time of the collapse. Marco Novati also served as the firm’s group manager, steering the company’s operations across nearly five decades.

Over its long history, Novati completed a range of residential and commercial projects throughout Sydney.

Its portfolio includes notable builds such as the Dicker Data warehouse in Kurnell, luxury apartments in South Cronulla, and the fit-out of the Manly Civic Club.

The company also received industry recognition, with a 2017 award from…