Which way out of the Pilbara?

I’ve made a couple of bad investments – a development in Karratha and one in Port Hedland. Both are one bed apartments that took over 2 years to complete….. Key points:

– I can sell both, gross loss of $200k – if I can sell, cost ~$275/wk gross
– I can rent both at a combined gross loss of $650 per week at current market rates.
– Unrented is gross $1,600 per week cost
– one is in a unit trust / business structure so capital loss is quarantined there

Leaning towards selling as cash flow is terrible. Only upside may be holding out for capital growth but it’s a long shot.Port expansions provide some upside during construction phase (when/if that happens).

Anyone else in, or experienced a disaster like this? Any advice on loss minimisation would be appreciated.

Thanks