The developer Far East Consortium will take over its four-tower, $2 billion West Side Place project on Lonsdale Street in the Melbourne CBD, while an agreement has been reached with Woodlink for Probuild to restart construction of Woodlink’s 137-suite, 15-storey hotel project in East Melbourne from later this week.

The administrators are still working on resolutions for the Sydney, Brisbane and Perth ProBuild projects.

Deloitte administrator Sal Algeri said it was “an excellent” outcome that a potential buyer was undertaking due diligence just over a week into the administration.

“While due diligence is still to be completed, this is an excellent outcome for these parts of the group’s operations in terms of employment and certainty for sub-contractors, suppliers and other stakeholders,” he said.

Deloitte also confirmed that the sale process of the WHBO Infrastructure diversified engineering and infrastructure business in Western Australia was progressing well with offers due on Friday, March 11.

Mr Algeri said administrators hoped that work would restart on some Probuild projects shortly under arrangements agreed with Probuild’s clients.

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