Developer's 31-home plans quashed, $2.3m block up for auction

A DEVELOPER is parting way with years of negotiations and $800,000 of development works to build 31 homes in Gladstone.

A partially completed development at 33 Bradford Rd will go to auction next month. Picture: Ray White

AFTER years of negotiations and $800,000 of development works, a block of land that was once tipped to become a 31-home estate is for sale.

A "partially completed" development of 31 lots at 33 Bradford Road, Telina will be auctioned next month in a mortgagee sale.

Indium Property Pty Ltd was the company behind plans for Bimbadeen Estate that did not reach past its earthworks stage.

With inquiries already coming in, Ray White Gladstone director Andrew Allen said it was likely a developer would buy it for a future project.

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Mr Allen said the sale was considered an "in fill" site - where the land is surrounded by established residential development.

"Telina has proven to be a good neighbourhood," he said.

Lot 33 Bradford Rd, Telina pictured in June 2016 when earthworks started. Picture: Mike Richards GLA170616HOME

"The new owners can develop with confidence knowing that people want to live in the area already, and knowing there's already infrastructure in place nearby like shops and schools.

"The most likely buyer would be a strategic long term player who wants to hold it and develop it in the future when the market is right."

Indium Property Pty Ltd purchased the 1.91 hectares in November 2011 for $2.3 million.

The company spent from 2012 - 15 negotiating with Gladstone Regional Council for the development, which included subdividing the land into 31 lots.

More than $800,000 in development works including initial earthworks started in June last year.

"It appears they have been unable to continue with developing the site, so we have been engaged by the mortgagee to sell," Mr Allen said.

Lot 33 Bradford Rd, Telina pictured in June 2016 when earthworks started. Picture: Mike Richards GLA170616HOME

Inquiries from potential Gladstone buyers and across the state have been made.

"The current development approval has a few years left," Mr Allen said.

It's the third unfinished housing development listed for sale in two months, following the balance Brookview Estate and Gladstone Green.

Mr Allen said negotiations are underway for the sale of the more than 100 blocks in Brookview Estate.

An auction for 33 Bradford Rd will be in Brisbane on August 4.