Owner of unfinished $90m estate goes bust

SOLD: They've built a bunch of houses, but the project to build a massive estate has suddenly come to a halt.
SOLD: They've built a bunch of houses, but the project to build a massive estate has suddenly come to a halt.

AN UNFINISHED Gladstone housing estate is for sale after the company behind the project collapsed.

Brookview Estate was a $90 million project from Latitude Development Group, which once promised a "resort style" gated community.

Latitude was placed in the hands of receivers McGrathNicol early last year and a Brisbane-based Ray White special projects team is managing the Brookview Estate sale.

Special project agent Tony Williams said expressions of interest campaign has been launched for the sale.

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

Work at Brookview Estate started late 2013 and it's believed there's more than 20 homes already built, with a small community calling it home.

The developers also started on road and earth works in other parts of the estate.

Mr Williams said he couldn't give an estimate for the amount the estate could sell for, but said it would be "interesting what the market offers".

"Inquiry rates are strong at the moment," Mr Williams said.

"Gladstone's going through some difficult times but there's a whole raft of groups looking at buying opportunities in the region."

The estate's plan includes a "recreational centrepiece" which features a 25m lap pool, children's wading pool, a gym, function room and kitchenette.

The Gold Coast based Latitude Development Group also owned Whitsundays Resort, Peppers Airlie Beach and Peppers Coral Coast.

Mr Williams confirmed the sale is by the receivers of Latitude Development Group.

Expressions of interest close on April 20. 

Topics:  business gladstone gladstone region property

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