Three Gladstone estate developments flop in three months

The balance of Brookview Estate was for sale.
The balance of Brookview Estate was for sale. Tegan Annett

THE 31-lot Bradford Rd subdivision was the third failed Gladstone region development in three months to return to the property market for sale.

The first, and largest, in the spate of unfinished developments was Brookview Estate, which was put on the market in March.

The once $90 million housing estate in Glen Eden is believed to have sold late July.

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Brookview Estate was a project of Latitude Development Group's, which was placed in the hands of receivers McGrath Nicol early last year.

The buyer would receive 23 residential lots, and the additional 123 approved residential lots which are in the second stage of the development.

In June Gladstone Green followed suit - with 23 blocks up for sale for between $49,000 - $68,000.

The 23 blocks off Lorikeet Ave for sale were once part of Gladstone Green, a planned 36 home suburb that promised family-friendly living in New Auckland.

The developer behind Gladstone Green, Moreton Bay Developments No 8 Pty Ltd, is in administration and its assets are being handled by a private lender.

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An auction sale was attempted for the remaining blocks, however none sold.

Only 13 of the house and land packages at Gladstone Green were sold about four years ago.

Topics:  development gladstone region property market

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