The former home of Tike Property director Tim McGary.
The former home of Tike Property director Tim McGary.

Luxury Sunshine Coast home builder in administration

A FAMILY-owned luxury home building company operating in southeast Queensland for three decades has been put into administration.

Tike Property Pty Ltd, a Sunshine Coast property development company, and its three related companies were put in administration on November 21.

Tike Property has been managed for 32 years by brothers-in-law Tim McGary and Kev Perry, and builds and sells prestige homes on the Sunshine Coast.

According to the company's website Mr McGary and Mr Perry have been involved in 65 projects from house renovations to large residential unit developments in Australia and New Zealand, creating more than 540 new dwellings in total.

"The company's primary focus is to supply the growing demand of luxury accommodation for home buyers in and around South East Queensland," it notes.

"With a comprehensive database of expert, reliable and passionate craftsmen and women, Tike has the ability to create expert and specialist teams specific to each individual project.

"Property Developing can be a risky business and we have always taken the time required to develop the skills, experience and war wounds necessary to survive and thrive in the long term within this industry."

It is understood the company is still operating.

The Yandina Creek home formerly owned by Tike Property director Tim McGary was sold to Yourtown in September.
The Yandina Creek home formerly owned by Tike Property director Tim McGary was sold to Yourtown in September.

Earlier this year Mr McGary, who runs the company's major developments in New Zealand, listed his Yandina Creek home for sale at $1.9 million.

It was sold for $1.6 million in September, with youth charity Yourtown listed as the owner.

Yourtown regularly raffles luxury homes to raise money to battle youth mental health and unemployment problems.

John McInerney and Cameron Crichton of Grant Thornton have been appointed administrators.

Mr McGary referred The Courier-Mail's inquiries to Mr Crichton, who has been contacted for comment.

In October dozens of businesses were placed into administration or liquidation.

See The Courier-Mail's full list here.