Waverley Residences at Southport in receivership as lenders look to secure their cash, buyers in limbo

Receivers have moved in on an unfinished Southport apartment development, leaving more than 60 apartment buyers in limbo. Find out why

Receivers have moved in on an unfinished Southport apartment development, leaving more than 60 buyers in limbo.

The Waverley Residences were under construction by Descon Group Australia, which went into liquidation last week.

Lenders for the project stepped in late on Friday to secure their investment with development company Busikon.

Around 60 Waverley buyers were supposed to be living in their apartments by May 2022, but are still waiting after repeated construction delays.

Some subbies were removing equipment and supplies, while other kept working, at the site of Waverley Residences in Southport, the day its builder Descon Group Australia went into liquidation.

Danny Isaac’s Descon Group Australia and Adcon Group in liquidation and administration

Retiree Alan Johnston and his wife Sally had hoped to be living in their apartment by now, having sold their previous home at Jacobs Well in 2022.

Instead, Mr Johnston, a retired mental health nurse, has had to renew his nursing registration in case he needs to return to the workforce.

“It was time for us to downsize – we wanted to be close to the hospital and public transport and we looked at this and thought it fit,” he said.

“I retired 12 months ago, thinking we would move into the apartment and this has just been a nightmare.

“Honestly, it’s been terrible, we’re really disappointed.”

Mr Johnston has been a contact point between Waverley buyers, who are considering a class action.

Waverley Residences apartment development is in receivership after its builder went bust last week. Alan Johnston is among the buyers left in limbo. Picture: John Gass

The project’s developer Busikon is directed by Descon director Danny Isaac, who is a 50 per cent shareholder with former car salesman Mark Kebblewhite, also the company’s secretary.

Mr Kebblewhite heads up the Busigroup group of companies, which includes Busifund, which has submitted a $130m debt claim with the administrator of relate company Descon Qld.

Property records show Busikon bought the land for the site for $1.75m in February 2020.

The property has two mortgages over it – one to Busifund and another to Sydney business lender Amal.

Descon Group Australia and Busikon director Danny Isaac.

Mark Kebblewhite of Busigroup, Busifund, Busikon.

Mr Kebblewhite declined to answer questions about Waverley.

“Given that Busikon is currently in receivership, until such matters are resolved with the receiver, it would be inappropriate for me to respond at this time,” he said.

The Gold Coast Bulletin has contacted receiver Derrick Vickers, of PricewaterhouseCoopers, for comment.

Busikon, which has the same director as Descon Group, told buyers they hoped to complete the project themselves after its builder went into liquidation – despite not holding a building licence.

Buyers in the Waverley were considering class action after waiting more than two years for settlement and being pressured to shell out thousands more than they were told at the beginning.