Halcyon Apartments developer goes after builder claiming contract breaches and delays over Subiaco complex

The developer behind a long-awaited apartment block in Subiaco is in legal pursuit of its builder for $3.8 million, alleging subcontractor payments were mismanaged and practical completion fell 20 months behind schedule. After what had been a five-year wait for some, residents began moving in to the 82-apartment Halcyon complex — led by Celtic Capital Properties — on Roydhouse Street in 2025. As has been the case with countless new builds in Perth since the pandemic, the project had run into “continued delays, significant increase in costs and scarcity of trades”, according to an update from Celtic director Jason Peterson in March last year. A new claim filed in WA’s Supreme Court on Monday reveals the developer is now chasing Applecross-based builder Pyramid Constructions for outstanding loans — allegedly totalling about $3.8m — the developer claims to have provided for the purpose of paying subcontractors. Pyramid was engaged for the construction gig at Halcyon in August 2021, according to the writ, and was allegedly due to achieve practical completion on the six-storey project by an “extended” agreed date of October 2023. Celtic alleges the milestone wasn’t achieved until 9 July 2025. The six-storey project was initially given an estimated build time of 18 months, with expected completion previously slated for mid-2022. The collapse of builder Pindan in May 2021 was a major setback to the project. The writ sets out that there were allegedly three loan agreements drawn up between the pair in October 2023, early 2024 and in January 2025 for approximately $559,577, $1.1.m and $2m respectively. Celtic, which is being represented by Armeli & Molony Lawyers, is also arguing Pyramid failed to withhold sufficient retention funds for subcontractors. The developer is pursuing damages claiming breach of contract as well as repayment of the alleged loan agreements among other items. Celtic and Pyramid did not return requests for comment. The Sunday Times last year revealed residents were asked in March last year to pay an additional 10 to 15 per cent of the purchase price on their new flats to help cover the cost rises. Celtic Properties’ website at the time of reporting said apartment prices start from $609,000. The build is among one of several new medium and high density residential developments that have gone up in Subiaco since the pandemic. Realestate.com.au estimates the median price for a unit or apartment in the suburb is about $760,000 and just over $2m for a house.