Another chunk of collapsed building giant Probuild has been sold off to engineering firm SRG Global after it agreed to pay $15.2 million to take over the company’s West Australian arm.

The global construction firm paid $15.2 million for WBHO Infrastructure in a deal that will take it out of voluntary administration and keep its 275 engineers and workers employed.

Deloitte, the administrators of the collapsed building giant, negotiated the WBHO transaction, an earth moving and engineering business which generates about $150 million in annual revenues and was a major component of Probuild.

More than $5 billion worth of major building projects around Australia fell into limbo when Probuild collapsed into administration on 24 February owing 2300 creditors and 786 employees millions of dollars.

The company’s sudden demise triggered a scramble to keep work on its 18 large-scale projects under-way and hundreds of employees, subcontractors and tradies working.

The deal with SRG follows Deloitte agreeing last week to an orderly handover of Probuild’s $1.2 billion Caulfield Village project in Melbourne’s south-east to its developer, Beck Property Group.

The project, one of the city’s largest infill sites on the Melbourne Racing Club’s popular Caulfield Racecourse, will be rebooted by Beck Property with the help of 41 former Probuild employees.

A week ago, another deal was struck with Sydney-based Roberts Co to purchase most of Probuild’s Victorian assets.

Roberts is in due diligence and expected to make a final decision on whether it will proceed this week.
Hong Kong-based developer Far East Consortium has taken over another stalled Probuild project, the nearly complete Westside Place Ritz Carlton tower on Lonsdale Street in Melbourne.

The rapid-fire sale of various components of Probuild’s business leaves Deloitte a handful of complex, loss-making projects to resolve.