Ray White Special Projects (Queensland) in conjunction with RWC Gold Coast has been appointed to market the unfinished The Waverley Residences in Southport on behalf of Adam Colley, Daniel Walley and Derrick Vickers in their capacity as Receivers and Managers of Busikon (Receivers).
The development at 15-17 Waverley Street, Southport offers a unique opportunity for a buyer to complete the building comprising 60 apartments, designed by award-winning architects Rothelowman.
Mark Creevey of Ray White Special Projects (Queensland) expects keen interest in the property from two key buyer demographics.
"We are expecting strong interest from those looking to finish the building, strata and sell the apartments, plus those interested in retaining the building as a rental asset. We have a lot of buyers who are keen to lock in the long term growth of the Gold Coast, but there are very limited buying opportunities of this nature and scale".
The project is being offered for sale by an Expressions of Interest campaign, closing on Thursday 7 November, 2024.
Mr Creevey said this property was set to attract local, interstate, and international buyers.
He said the property’s prime location and likely high demand make it a standout opportunity in Southport’s vibrant market.
With the building approximately 90 percent complete, any new buyer will need to complete the final works required.
Busikon engaged Descon Group Australia Pty Ltd (Descon) as the contractor to deliver The Waverley Residences. Descon has completed a significant proportion of the development, circa 90%, before entering liquidation on 1 May 2024.
Descon is 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 were under construction by Descon.
Descon was placed in Liquidation by the Supreme Court of Queensland on 1 May 2024.
The Waverley Residences has 14 one-bedroom, 32 two-bedroom, and 14 three-bedroom units across eight stories, all with basement car parking and storage cage access across three levels. The building also features a rooftop terrace that once completed will offer communal spaces including a gym, private dining, and outdoor lounge.
The location is ideal, close to Southport CBD, and within proximity to top-tier shopping, dining, and educational institutions.
Ray White Chief Economist Nerida Conisbee said the Gold Coast property market continued to post strong gains throughout 2024.
“Gold Coast houses and units mean prices have now well exceeded previous peaks, at $840,000 for units and $1,175,000 for houses, while rents are also now seeing record increases in regional Queensland. Construction costs have been rising for some time which has limited much new development,” she said.
“Supply issues will continue as construction industry insolvencies continue to rise.
“Southport actually recorded the second highest volume of sales of properties under $750,000 in the last year with 973 sales. Southport is still one of the most affordable suburbs on the Gold Coast.”
According to Neoval, the median value of all units on the Gold Coast is now at $789,000, higher than both Brisbane ($642,000) and Melbourne ($612,000).
