Shenton Quarter entity Iris-PW in administration

The entity behind the $140 million Shenton Quarter project in Perth has been placed in administration. Insolvency practitioners from a Perth firm have been appointed to review the books, according to Business News.

Iris-PW, the special-purpose vehicle that owns the development site, entered the process this week. The project, a mixed-use precinct in the suburb of Shenton Park, was one of several large residential and commercial builds in the area. No details on the cause of the administration have been released. The appointment covers the entity's assets and operations.

The administrators are expected to assess the project's financial position and explore options, including a potential sale or restructure. The development had been in early stages, with site works underway. Lenders and contractors will be most directly affected by the process. A first meeting of creditors is required within weeks under the Corporations Act.