PSST! Want to buy a cheap high-rise apartment tower?
PSST! Want to buy a cheap high-rise apartment tower?
The nearly completed The Waverley Residences tower at 15 Waverley Street, Southport, has hit the market.
Designed by award winning architects Rothelowman, the construction of the tower ground to a halt in May this year when national construction company Descon Group Australia was placed into liquidation.
The collapse of the construction company left the developer, Busikon, with no way to finish the almost completed tower and Busikon’s lenders subsequently called in the receivers on the project.
As part of the sell-off, Ray White Special Projects (QLD) and Michael Willems of Ray White Gold Coast have now listed the entire building for sale through an Expression of Interest campaign that closes on Thursday, 7 November.
When completed The Waverley Residences would consist of a boutique collection of 60 units, comprising a mix of one, two and three-bedroom configurations. All 60 apartments had been pre-sold but after the receivers were appointed, the contracts were terminated, and the buyers were refunded their deposits.
The tower originally had been scheduled to be completed by May 2022. The apartments in the tower had been on the market ranging in prices from $345,000 to $645,000.
The building, which is estimated to be 90 per cent complete and sits on a 1414sqm site with frontages to Waverley Street and Andrews Street, is no being sold in its existing condition and with no pre-sales in place.
The Information Memorandum provided to potential buyers says the Receivers had engaged a structural engineer to provide a report regarding the works completed to date, as well as engaged a Quantity Surveyor to advise on the remaining works to be completed.
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