AUSTRALIA — The unfinished Waverley Residences development in Southport, Gold Coast has been listed on the market. The 60-apartment building is approximately 90 per cent complete, requiring the new owner to finalise the remaining construction work.
Busikon engaged Descon Group Australia Pty Ltd as the contractor to deliver the project, but entered liquidation on 1 May 2024, thereby unable to complete construction.
Busikon’s lender for this development has exercised their rights under their security and appointed the Receivers to Busikon which includes taking control of this development and taking it to market.
The Waverley Residences features a mix of 14 one-bedroom, 32 two-bedroom, and 14 three-bedroom units spread across eight stories.
The development includes basement parking, storage cages, and a rooftop terrace with communal spaces such as a gym, private dining area, and outdoor lounge.
Ray White Chief Economist Nerida Conisbee noted that the Gold Coast property market has seen strong gains throughout 2024, with mean unit prices reaching $840,000.
Southport, in particular, has recorded the second-highest volume of property sales under $750,000 in the past year, with 973 transactions.
The sale is being conducted through an Expressions of Interest campaign, closing on Thursday, November 7, 2024.
This offering presents a significant opportunity in Southport’s vibrant market, given the limited availability of similar large-scale developments.
Mark Creevey of Ray White Special Projects (Queensland) anticipates strong interest from two main buyer groups: those looking to complete and sell individual apartments, and those interested in retaining the building as a rental asset.
The property’s prime location and the current high demand in the Gold Coast market make it an attractive proposition for local, interstate, and international buyers.
