Ann: Update - Double Bay Project, page-2

This should have been made a price sensitive announcement. For Council to seek new Expressions of Interest means that the Axiom/Built consortium's proposal is now dead and buried.
They've lost their preferred proponent status, together with the money they've spent on the project to date. They may well come up with a new proposal to better reflect changed market conditions - but they'll be competing with others, there's no guarantee they'll succeed, and further material costs will accrue.
This is now the third project that won't likely get off the ground since Covid19 changed the world (Richmond, 62 Currie St. and now Double Bay). Risk has been as well managed as we could hope for - and it could have been considerably worse had the hotel projects have already commenced - but the company's upside has been significantly curtailed.