Live build weirdness, could be user error...?

I built the Projucer today (using Dev branch) and found that Live Build was no longer working (see screenshot below).

Just to make sure i was not doing something wrong during the build, I rebuilt it using the Master branch and got the same result.

Just to make sure that I did not make another mistake during the build (which is rather simple), I downloaded the Projucer pre-built for mac and got the same result.

Has anyone ever seen this before & fixed it?