The company responsible for the Shenton Quarter residential and retail development in Shenton Park has entered administration, with outstanding debts estimated to exceed $150 million.

The development company, Iris – PW No.1 2017 Pty Ltd, which is principally owned by Iris Residential and investment management firm Alceon, entered administration in August 2026 following several years of construction difficulties.

Shenton Quarter, which includes residential apartments and a shopping centre anchored by Coles, experienced significant problems during construction, including reports of cracking in concrete structures.

In 2023, building contractor BGC withdrew from the project, adding to the difficulties surrounding its completion.

Following the company's financial collapse, Cliff Rocke and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators to investigate its financial position and outstanding liabilities.

KPMG was separately appointed as receiver and is understood to be seeking buyers for approximately 20 retail premises within the development.

A potential legal claim against a building contractor has also been identified as a significant asset that could affect the financial recovery process.

Given the complexity of the company's affairs and the time required to investigate its assets and liabilities, the administrators applied to the Supreme Court of Western Australia for an additional six months to complete their work.

Justice Jenni Hill approved the extension in a judgment published in October 2026, noting that the company's debts were estimated to exceed $150 million.

The administration and receivership processes remain ongoing, with the future ownership of the retail properties and the extent of recoveries for creditors yet to be determined.