New water-view units in the Gladstone region can't be filled

IT'S a prime location with water views from every unit, yet only 30% of the 1 Pacific Avenue rooms are occupied.

For 12 months the newly built residential block of 20 units have been available to rent, but they have never been filled.

It's something that owners Rob and Sandra Waterson expected coming into the property market in Tannum Sands.

And still, they don't regret their decision.

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The residential and commercial building on 1 Pacific Ave Tannum Sands has won a state award for architectural design. Photo Contributed
The residential and commercial building on 1 Pacific Ave Tannum Sands has won a state award for architectural design. Photo Contributed Contributed

"The rentals were down when we decided to build, but so were the development costs," Mrs Waterson said.

"It was a bit of play off, do you build now for cheaper and risk not being at full capacity, or wait until the rents pick back up?"

"We actually aren't disappointed because we expected this," Mrs Waterson said.

The lack of tenants is a reflection on the most recent data from the Real Estate Institute of Queensland, which shows vacancy rates in Gladstone have jumped from 10% in December to 11.3% at the end of March.

"Because of the way things are at the moment we weren't surprised they weren't filled."

There are still 14 units available, ranging from one to three bedrooms.



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