Waverley apartments in Southport back on market after unfinished project sold by receivers for $30m

Unfinished apartments in a development deserted almost a year ago after their builder went bust are back on the market after receivers sold the project for a surprising price. Read the details

Unfinished apartments in a Gold Coast development deserted almost a year ago are back on the market at up to twice their original sale price, after receivers bought the project for $30m.

Contracts for more than 60 apartments in the Waverley Residences at Southport were torn up in September last year, leaving “heartbroken” buyers without their long-awaited homes.

Receivers moved in on the development, whose builder Descon Qld went into administration in April last year, and the incomplete project sold in January for $30m.

The project has sat dormant and achingly-close to completion for the past 12 months, with graffitti spreading across the fencing and weeds taking over garden beds on the apartment balconies.

Workers had returned to the site this week to begin the job of completing the building.

Workmen on site at Waverley Residences in Southport after a long period of inaction. Picture Glenn Hampson

Property records show the site was purchased by a company called Paralimni, which is solely directed by Michael Gavriel, 61, of Sydney.

The apartments were put back to market last week, with a price range of $1.05m-$1.6m.

Sales agent Julian Sutherland said Draycon Builders had been appointed to complete the job by July this year.

“Bringing existing contractors back is the only real challenge,” he said.

Mr Sutherland said the apartments had already sparked strong interest from buyers.

“They have been listed for a week and there is strong initial interest due to the project price point and diminished supply in the area,” he said.

“It’s a great project in a great location and with the new stadium being announced we’ve been inundated with inquiries.”

The Waverley project was touted as a sellout in February 2022 but, in September last year, original buyers were told their contracts would be binned after more than three years of uncertainty.

Although deposits were returned, many had signed up in 2021 and were in the market for new apartments under $600,000 – now an impossible find.

Luke Hill was a first home buyer in the unfinished Descon's Waverley Residences at Southport. Picture Glenn Hampson

Descon Qld was part of the wider Descon Group Australia, which went into liquidation in May 2024.

In Descon Qld’s most recent report lodged with ASIC, the company had declared debts of more than $42m.

Adding to the initial buyers’ fury was the fact the collapsed builder’s director, Danny Isaac, was given a Queensland builder licence, and allowed to be a company director, while he was an undischarged bankrupt.

Mr Isaac, whose bankruptcy under his former name Sami Adib has since been discharged, is facing fresh bankruptcy action.

Companies in his wider Descon Group Australia are reported to owe up to $390 million between them. Mr Isaac has been living in Dubai since late 2023.

Originally published as Waverley apartments in Southport back on market after unfinished project sold by receivers for $30m