But Keerong Investments’ inability to get land at Russell Vale cleared of asbestos contamination has cost them not only their planned new home, but also missed opportunities and rent payments while waiting for the chance to build.

Paul and Ann Hughes had been renting after selling their house and putting down a $21,000 deposit for land in the 19-lot Tallowoods estate at 655 Princes Hwy in 2014.

While they have recently received their deposit back from Keerong – as have others – they said the news Keerong would be liquidated was “devastating”.

“We lose out on the purchase of the land at Russell Vale and can no longer have the financial capacity to build our dream home,” they said. “We feel totally let down by the whole system in this mess.”

Liquidator Mark Roufeil told the Mercury the land had been sold and the money used to discharge the mortgage to Westpac bank.

Keerong had four directors: real estate agents and MMJ North directors Greg Ellul and Roger Hughes, Wollongong accountant and business adviser Joseph Solano, and Advanced Constructions boss Vince Pavia.

The company was headquartered at Mr Solano’s firm’s office.

Mr Solano’s and Mr Pavia’s companies are among the creditors, for work done for Keerong.

The directors put Keering into liquidation last month, unable to fund the asbestos decontamination. 

In a statement Mr Ellul said purchasers were asked last year to contribute another $30,000 upon completion, and this would have allowed the project to go ahead.

But when all purchasers bar one refused, Keerong was unable to get the finance it needed from the bank to continue.

He blamed the asbestos problem, saying Wollongong City Council had knocked back Keerong’s remediation plans.

“At the time the property was purchased from Mines Rescue [in 2011], the directors of Keerong Investments were provided with an environmental site assessment report by the previous owner,” it said.

“That report indicated that there was no asbestos contamination on site.”