KPMG has been appointed voluntary administrator to key entities tied to the Milligan Group’s flagship Halo development in Sydney, marking a pivotal restructuring step for one of Australia’s most ambitious commercial real estate projects.
David Hardy and Amanda Coneyworth of KPMG Australia were appointed on 1 April 2026 to entities associated with the Halo site at Pitt and Hunter Streets, a proposed 55-storey office tower designed to be the world’s tallest timber-hybrid building. The appointment captures the core project entities, while separate appointments have been made to place other non-project Milligan Group entities into liquidation.
The administration follows mounting financial pressure linked to the project’s complex capital structure and prolonged development timeline. The Halo project, estimated at approximately $1.8 billion, has required significant upfront capital, including the aggregation of more than 70 individual property titles, a strategy that materially increased leverage across the group.
Those pressures were compounded by a sharp shift in office market conditions following the pandemic, with tenant demand weakening and capital costs rising. Higher interest rates, construction cost escalation, and…