A 19-lot residential housing development, Tallowoods estate had been previously been stalled after the developer was forced to stop work and clean up asbestos contamination on the site.

Purchasers paid a deposit to the developer, a company called Keerong Investments, for land off the plan about five years ago. 

Buyers were recently informed that the entire development had been sold, and the developers had gone into liquidation.

One of the buyers, Brett Kelly said the buyers were seeking legal advice on why their contracts couldn’t have been carried over to the subdivision’s new owners.

“But there’s not much we can do I don’t think,” Mr Kelly told the Mercury.

“How are big companies allowed to get away with this?”

Mr Kelly said several buyers had previously got out of the land purchase contracts due to the delays. 

He also said his family was planning to build a house there, and some buyers had sold properties they had at the time to ensure they had the money to purchase a block.

“I paid a builder, so we’ve lost half that money - we lost $6000,” he said. 

Keerong Investments had four directors, including real estate agency MMJ North directors Greg Ellul and Roger Hughes. 

MMJ North were the project’s selling agent, but not the developer. 

When contacted for comment, Mr Ellul referred the Mercury to the liquidator, Mark Roufeil at PKF, who didn't respond to the Mercury's inquiries in time for deadline. 

Read more: Russell Vale Tallowoods buyers fed up after delays removing asbestos contamination