SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

               |X| For the quarterly period ended June 30, 2005 or

     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

     For the transition period from _______________ to ____________________

                        Commission File Number: 000-21247

                         Global Realty Development Corp.
                 ----------------------------------------------
                 (Name of small business issuer in its charter)

          Delaware                                       13-41058242
(Jurisdiction of organization)              (I.R.S. Employer Identification No.)

                      11555 Heron Bay Boulevard, Suite 200
                          Coral Springs, Florida 33076
                    (Address of principal executive offices)

                           Issuer's telephone number:
                                 (954) 603-0522

           Australian Agriculture and Property Development Corporation
         (Former name or former address, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant as
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. YES |X| NO |_|

As of August 18, 2005, there were 86,054,334 shares of the registrant's common
stock outstanding.


                                       1
<PAGE>

                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FINANCIAL STATEMENT INDEX

   Combined Balance Sheets at June 30, 2005 (Unaudited) and
      December 31, 2004                                                        1

   Combined Statements of Operations for the Three Months and
      Six Months Ended June 30, 2005 and 2004 (Unaudited)                      2

   Combined Statements of Cash Flows for the Six Months
      Ended June 30, 2005 and 2004 (Unaudited)                                 3

   Notes to Financial Statements                                               4


                                       2
<PAGE>

                         GLOBAL REALTY DEVELOPMENT CORP.
        (Formerly Australian Agriculture and Property Development Corp.)

                             COMBINED BALANCE SHEETS

                                                     June 30,      December 31,
                                                       2005            2004
                                                  -------------   -------------
                                                   (Unaudited)
                                     ASSETS
Cash and cash equivalents                         $     284,065   $     139,095
Inventories-at the lower of cost or
 fair value-lots held for sale                      102,600,839      76,851,026
Receivables                                               5,289
Receivable from related party                         3,483,825       1,453,783

Property, plant and equipment                         1,596,984       1,600,355
                                                  -------------   -------------

      Total Assets                                $ 107,965,713   $  80,049,548
                                                  =============   =============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
   Accounts payable and other liabilities         $  59,498,183   $  37,801,802
   Mortgage notes payable                            21,544,177      20,068,258
   Taxes payable                                      2,164,148       2,316,068
                                                  -------------   -------------

      Total Liabilities                              83,206,508      60,186,128

Stockholders' Equity:
   Preferred stock, $0.001 par value, 10,000,000
    shares authorized, no shares issued and
    outstanding
   Common stock $0.001 par value, 90,000,000
    shares authorized and 86,054,334 shares
    issued and outstanding at June 30, 2005 and
    December 31, 2004, respectively                      91,419          86,054
   Paid in capital                                   27,790,210      19,693,803
   Accumulated other comprehensive income             1,401,842       2,043,480
   Retained earnings (deficit)                       (4,524,266)     (1,959,917)
                                                  -------------   -------------

      Total Stockholders' Equity                     24,759,205      19,863,420
                                                  -------------   -------------

      Total Liabilities and Stockholders' Equity  $ 107,965,713   $  80,049,548
                                                  =============   =============

                 See accompanying notes to financial statements.


                                       1
<PAGE>

                         GLOBAL REALTY DEVELOPMENT CORP.
        (Formerly Australian Agriculture and Property Development Corp.)

                  COMBINED STATEMENTS OF OPERATIONS (UNAUDITED)

<TABLE>
<CAPTION>
                                                Three Months Ended            Six Months Ended
                                                     June 30,                      June 30,
                                           ---------------------------   ---------------------------
                                                2005           2004          2005            2004
                                           ------------   ------------   ------------   ------------
<S>                                        <C>            <C>            <C>            <C>
REVENUES
   Land Sales                                                                           $  1,106,550
   Other                                   $     37,046   $     34,723   $     43,535         68,867
                                           ------------   ------------   ------------   ------------
      Total Revenue                              37,046         34,723         43,535      1,175,417

EXPENSES
   Cost of sales, including provision for
    loss on future sale of land of
    $1,978,841 in 2005 and $757,865
    in 20041,978,841                             12,723      1,978,841        871,322
   Administrative                               240,703         26,785        285,877        172,156
   Interest                                      81,424         73,130        199,160        114,088
   Depreciation                                   3,371                         3,371
   Other                                         56,578        127,437        140,635        258,488
                                           ------------   ------------   ------------   ------------
      Total Expenses                          2,360,917        240,075      2,607,884        544,732
                                           ------------   ------------   ------------   ------------

Income (loss) before income taxes            (2,323,871)      (205,352)    (2,564,349)      (240,637)

Income taxes                                                    (4,229)                     (112,659)
                                           ------------   ------------   ------------   ------------

Net income (loss)                          $ (2,323,871)  $   (201,123)  $ (2,564,349)  $   (353,296)
                                           ============   ============   ============   ============

Net (loss) income per common share
 (basic and diluted)                       $      (0.03)  $     (0.002)  $      (0.03)  $     (0.004)
                                           ============   ============   ============   ============

Weighted average common shares
 outstanding                                 86,948,501     86,054,334     86,501,417     86,054,334
                                           ============   ============   ============   ============
</TABLE>

                 See accompanying notes to financial statements.


                                       2
<PAGE>

                         GLOBAL REALTY DEVELOPMENT CORP.
        (Formerly Australian Agriculture and Property Development Corp.)

                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                         Six Months Ended
                                                             June 30,
                                                    ---------------------------
                                                        2005            2004
                                                    ------------   ------------
CASH FLOWS FROM OPERATING ACTIVITIES
   Net loss                                         $ (2,564,349)  $   (353,296)
   Adjustments to reconcile net loss to
    net cash from operating activities:
      Depreciation and amortization                        3,371
   Changes in operating assets and
   liabilities:
      Accounts receivable                                  5,289      1,236,638
      Inventory                                      (17,648,041)     4,184,256
      Related party loans                                            (8,287,674)
      Accounts payable                                21,696,381     (2,376,360)
      Accounts receivable to related party            (2,030,042)
      Taxes payable                                     (151,920)      (246,747)
      Prepaid expenses                                                  273,547
                                                    ------------   ------------
         Net Cash Used in Operating Activities          (689,311)    (5,569,636)
                                                    ------------   ------------

CASH FLOWS FROM INVESTING ACTIVITIES
   Purchases of property and equipment                                 (111,807)
                                                    ------------   ------------
         Net Cash Used in Investing Activities                         (111,807)
                                                    ------------   ------------

CASH FLOWS FROM FINANCING ACTIVITIES
   Change in mortgage notes payable                    1,475,919      5,570,182
   Sale of equity securities                             135,512
                                                    ------------   ------------
         Net Cash Used in Financing Activities         1,475,919      5,705,694
                                                    ------------   ------------

EFFECT OF EXCHANGE RATE ON CASH                         (641,638)
                                                    ------------   ------------

NET INCREASE IN CASH                                     144,970         24,251

CASH BEGINNING OF YEAR                                   139,095         21,180
                                                    ------------   ------------

CASH JUNE 30,                                       $    284,065   $     45,431
                                                    ============   ============

SUPPLEMENTAL DATA:
   Common stock to be issued for inventory
    purchases                                       $  8,101,772
                                                    ============

                 See accompanying notes to financial statements.


                                       3
<PAGE>

                         GLOBAL REALTY DEVELOPMENT CORP.

        (Formerly Australian Agriculture and Property Development Corp.)

                          NOTES TO FINANCIAL STATEMENTS

NOTE A - CONDENSED FINANCIAL STATEMENTS

      In the opinion of the Company, the accompanying unaudited condensed
      financial statements include all adjustments (consisting only of normal
      recurring accruals) which are necessary for a fair presentation of the
      results for the periods presented. Certain information and footnote
      disclosure, normally included in the financial statements prepared in
      accordance with generally accepted accounting principles, have been
      condensed and omitted. The results of operations for the three months and
      six months ended June 30, 2005 are not indicative of the results of
      operations for the year ended December 31, 2005. The condensed financial
      statements should be read in conjunction with the Company's financial
      statements included in its annual Form 10 KSB for the year ended December
      31, 2004.

NOTE B - COMMITMENTS AND CONTINGENCIES

      On December 13, 2004, in connection with an action being brought against a
      major shareholder of the Company, the Supreme Court of Victoria in
      Melbourne, Australia placed an injunction against Australian Agricultural
      and Property Management Limited, one of the company's wholly owned
      subsidiaries, which restricts the Company's ability to sell certain real
      estate holdings and prohibits certain business transactions. The Company
      has been informed, and been provided with an opinion by its Australian
      counsel that the restrictions against the Company are without merit. The
      Company is currently vigorously challenging the foregoing actions in the
      Australian courts and does not believe that it will have a significant
      impact on the operations of the Company.

NOTE C - STOCKHOLDERS' EQUITY

      During the quarter ended June 30, 2005, in connection with the acquisition
      of additional properties, 5,365,412 shares were agreed to be issued as
      part of the contract purchase price. For financial statement purposes,
      these shares have been considered outstanding even though they have not
      been officially issued. Had these shares been issued, the Company would
      have exceeded its authorized shares that could be issued by 1,419,746
      shares.


                                       4
<PAGE>

ITEM 2. MANGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Introduction

      The following discussion should be read in conjunction with the Financial
Statements and Notes thereto. Our fiscal year ends December 31. This document
contains certain forward-looking statements including, among others, anticipated
trends in our financial condition and results of operations and our business
strategy. These forward-looking statements are based largely on our current
expectations and are subject to a number of risks and uncertainties. Actual
results could differ materially from these forward-looking statements. Important
factors to consider in evaluating such forward-looking statements include (i)
changes in external factors or in our internal budgeting process which might
impact trends in our results of operations; (ii) unanticipated working capital
or other cash requirements; (iii) changes in our business strategy or an
inability to execute our strategy due to unanticipated changes in the industries
in which the Company operates; and (iv) various competitive market factors that
may prevent us from competing successfully in the marketplace.

Overview

      The primary objective of the Company's management is to maximize
shareholder wealth. The Company attempts to accomplish this objective by
increasing the number of real estate development projects. Management believes
revenues and earned income can be increased significantly by acquiring the
remaining properties the Company has targeted in Australia and by acquiring
interests in real estate development projects in the United States. Management
further believes by working with joint venture partners, it can rapidly begin to
develop real estate projects throughout Australia, the United States and other
countries.

      The Company is primarily a residential land development and homebuilding
company with properties located primarily in Australia. The principal activities
of the Company and its consolidated subsidiaries include: obtaining zoning and
other entitlements for land it owns or controls through purchase or purchase
options and improving the land for residential development by building roads,
putting in utilities and subdividing the land. Once the residential land owned
by the Company is entitled, the Company may either sell unimproved land to other
developers or homebuilders, sell improved land to homebuilders, or participate
in joint ventures with other developers, investors or homebuilders to finance
and construct infrastructure and homes.

      During 2005, the Company will focus its immediate efforts to (i) obtain
properties in Australia that the Company has targeted for purchase; (ii) to work
on the development of various projects in the United States; and (iii) continue
to expand its profitable development operations for its currently owned
properties. However, the Company may also consider other strategic and joint
venture opportunities; and there can be no assurance that the Company will
accomplish, in whole or in part, all or any of these strategic goals.

      The Company currently has on-going Australian projects on various seaboard
cities of the Southeastern coastal regions of Australia. The Company's inventory
of entitled land available for homebuilding projects will always be limited by
its ability to finance new projects. Therefore, the Company has begun
discussions with various financing organizations for the purpose of providing
lines of credit and other financings for current and future real estate
projects. The Company is continuing to pursue residential lot acquisition
opportunities throughout Australia and the United States.

CRITICAL ACCOUNTING POLICIES

      The Securities and Exchange Commission ("SEC") defines "critical
accounting policies" as those that require application of management's most
difficult, subjective or complex judgments, often as a result of the need to
make estimates about the effect of matters that are inherently uncertain and may
change in subsequent periods.

      Not all of the accounting policies require management to make difficult,
subjective or complex judgments or estimates. However, the following policies
could be deemed to be critical within the SEC definition.


                                       5
<PAGE>

Revenue and Cost Recognition

      Revenue on product sales is recognized when persuasive evidence of an
arrangement exists, such as when a purchase order or contract is received from
the customer, the price is fixed, title to the goods has changed and there is a
reasonable assurance of collection of the sales proceeds. The Company obtains
written purchase authorizations from its customers for a specified amount of
product at a specified price and considers delivery to have occurred at the time
of shipment. Revenue is recognized at shipment and the Company records a reserve
for estimated sales returns, which is reflected as a reduction of revenue at the
time of revenue recognition.

      Revenues from research and development activities relating to firm
fixed-price contracts are generally recognized on the percentage-of-completion
method of accounting as costs are incurred (cost-to-cost basis). Revenues from
research and development activities relating to cost-plus-fee contracts include
costs incurred plus a portion of estimated fees or profits based on the
relationship of costs incurred to total estimated costs. Contract costs include
all direct material and labor costs and an allocation of allowable indirect
costs as defined by each contract, as periodically adjusted to reflect revised
agreed upon rates. These rates are subject to audit by the other party. Amounts
can be billed on a bi-monthly basis. Billing is based on subjective cost
investment factors.

Use of Estimates:

      The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the date
of the financial statements as well as the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. These estimates and assumptions relate to recording net revenue,
collectibility of accounts receivable, and the realizability of other intangible
assets, accruals, income taxes, inventory realization and other factors.
Management has exercised reasonable judgment in deriving these estimates;
however, actual results could differ from these estimates. Consequently, change
in conditions could affect our estimates.

Fair Value of Financial Instruments:

      The Company considers all highly liquid interest-earning investments with
a maturity of three months or less at the date of purchase to be cash
equivalents. Investments with maturities beyond one year may be classified as
short-term based on their highly liquid nature and because such marketable
securities represent the investment of cash that is available for current
operations. All cash and short-term investments are classified as available for
sale and are recorded at market value using the specific identification method;
unrealized gains and losses (excluding other-than-temporary impairments) are
reflected in other income.

Results of Operations

<TABLE>
<CAPTION>
                                            Three Months Ended           Six Months Ended
                                                 June 30,                    June 30,
                                        -------------------------   -------------------------
                                            2005          2004         2005           2004
                                        -----------   -----------   -----------   -----------
<S>                                     <C>           <C>           <C>           <C>
Total Revenue                                37,046        34,723        43,535     1,175,417
Cost of sales, including provision for
 loss on future sale of land of
 $1,978,841 in 2005 and $757,865
 in 2004                                  1,978,841        12,723     1,978,841       871,322
Administrative Expenses                     240,703        26,785       285,877       172,156
Other Income (Expense)
Interest                                     81,424        73,130       199,160       114,088
Depreciation                                  3,371                       3,371
Other                                        56,578       127,437       140,635       258,488

Income taxes                                               (4,229)                   (112,659)

Net income (loss)                       $(2,323,871)  $  (201,123)  $(2,564,349)  $  (353,296)
</TABLE>


                                       6
<PAGE>

THREE MONTHS ENDED JUNE 3O, 2005 VS. THREE MONTHS ENDED JUNE 3O, 2004

      Revenues of $37,046 for the three month period ended June 30, 2005 as
compared to $34,723 for the three month period ended June 30, 2004 reflect the
results principally from the sale of land.

      The cost of sales of $1,978,841 for the three month period ended June 30,
2005 as compared to the cost of sales of $12,723 for the three month period
ended June 30, 2004 represents the cost of sales of land.

      Administrative expenses operations were $240,703 for the three month
period ended June 30, 2005 as compared with $26,785 for the respective prior
year period. The decrease from 2005 to 2004 is due primarily to decreases in
personnel and related costs including legal and accounting fees related to the
development of land.

      During the three month period ended June 30, 2005 the Company had net
interest expense of $81,424 as compared with net interest expense of $73,130
during the three month period ended June 30, 2004, respectively.

      The Company has $0 income taxes for the three month period ended June 30,
2005 as compared to income taxes of $4,229 for the three month period ended June
30, 2004.

      During the three month period ended June 30, 2005 the Company had a net
loss of $2,323,871 as compared to a net loss of $201,123 for the three month
period ended June 30, 2004.

      The Company had a $59,498,183 in accounts payable and other liabilities
for the period ended June 30, 2005 as compared with $37,801,802 for the period
ended June 30, 2004.

      Stockholders' equity increased by $4,895,785 to $24,759,205 for the period
ending June 30, 2005 compared to $19,863,420 for the period ended June 30, 2004.

SIX MONTHS ENDED JUNE 3O, 2005 VS. SIX MONTHS ENDED JUNE 3O, 2004

      Revenues of $43,535 for the six month period ended June 30, 2005 as
compared to $1,175,417 for the six month period ended June 30, 2004 reflect the
results principally from the sale of land.

      The cost of sales of $1,978,841 for the six month period ended June 30,
2005 as compared to the cost of sales of $871,322 for the six month period ended
June 30, 2004 represents the cost of sales of land.

      Administrative expenses were $285,877 for the six month period ended June
30, 2005 as compared with $172,156 for the respective prior year period. The
increase from 2005 to 2004 is due primarily to increases in costs including
legal and accounting fees related to the development of land.

      During the six month period ended June 30, 2005 the Company had net
interest expense of $199,160 as compared with net interest expense of $114,088
during the six month period ended June 30, 2004, respectively.

      The Company has $0 income taxes for the six month period ended June 30,
2005 as compared to income taxes of $112,659 for the six month period ended June
30, 2004.

      During the six month period ended June 30, 2005 the Company had a net loss
of $2,564,349 as compared to a net loss of $353,296 for the six month period
ended June 30, 2004.

      The Company had a $21,696,381increase in accounts payable and other
liabilities for the period ended June 30, 2005 as compared with a decrease of
$2,376,360 for the period ended June 30, 2004.

      Stockholders' equity increased by $4,895,785 to $24,759,205 for the period
ending June 30, 2005 compared to $19,863,420 for the period ended June 30, 2004.


                                       7
<PAGE>

Liquidity and Capital Resources

      The Company's ability to meet its obligations in the ordinary course of
business is dependent upon its ability to establish profitable operations. For
the 12 month period of 2004 and 2003, with limited land sales, the Company has
had positive cash flow from operations. GRD needs to raise additional financing
through public or private equity financing, bank financing or other sources of
capital for the purposes of acquiring new real estate development properties and
further development of its existing properties.

EFFECT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

      In January 2003, the Financial Accounting Standards Board ("FASB") issued
interpretation No. 46R ("FIN 46R"), "Consolidation of Variable Interest
Entities." Until this interpretation, a company generally included another
entity in its consolidated financial statements only if it controlled the entity
through voting interests. FIN 46R requires a variable interest entity, as
defined, to be consolidated by a company if that company is subject to a
majority of the risk of loss from the variable interest entity's activities or
is entitled to receive a majority of the entity's residual returns. Certain
provisions of FIN46R were deferred until the period ending after March 15, 2004.
The adoption of FIN 46R for provisions effective during 2003 has no impact on
the Company's financial position, cash flows or result of operations.

      On April 30, 2003, the FASB issued Statement No. 149 ("SFAS No. 149"),
"Amendment of Statement 133 on Derivative Instruments and Hedging Activities."
SFAS No. 149 amends and clarifies accounting for derivative instruments,
including certain derivative instruments embedded in other contracts, and for
hedging activities under Statement No. 133. In particular, this statement
clarifies under what circumstances a contract with an initial net investment
meets the characteristic of a derivative as discussed in Statement No. 133, and
it clarifies when a derivative contains a financing component that warrants
special reporting in the statement of cash flows. SFAS No. 149 is effective for
contracts entered into or modified after June 30, 2003 and for hedging
relationships designated after June 30, 2003 and is to be applied prospectively.
Upon adoption of SFAS No. 149, there was no effect on its financial position,
cash flows or results of operations.

      On May 15, 2003, the FASB issued Statement No. 150 ("FAS No. 150"),
Accounting for Certain Financial Instruments with Characteristics of Both
Liabilities and Equity. FAS No. 150 establishes standards for how an issuer
classifies and measures certain financial instruments with characteristics of
both liabilities and equity. It requires that an issuer classify a financial
instrument that is within its scope as a liability (or an asset in some
circumstances). FAS No. 150 affects the issuer's accounting for three types of
freestanding financial instruments.

      o     mandatory redeemable shares, which the issuing company is obligated
            to buy back in exchange for cash or other assets

      o     instruments that do or may require the issuer to buy back some of
            its shares in exchange for cash or other assets; includes put
            options and forward purchase contracts

      o     obligations that can be settled with shares, the monetary value of
            which is fixed, tied solely or predominantly to a variable such as a
            market index, or varies inversely with the value of the issuers'
            shares.

FAS No. 150 does not apply to features embedded in a financial instrument that
is not a derivative in its entirety. Most of the guidance in FAS No. 150 is
effective for all financial instruments entered into or modified after May 31,
2003, and otherwise is effective at the beginning of the first interim period
beginning after June 15, 2003. Upon adoption of SFAS No. 150, there was no
effect on its financial position, cash flows or results of operations.

      FASB Statement 123 (Revision 2004), "Share-Based Payment," was issued in
December 2004 and is effective for reporting periods beginning after June 15,
2005. The new statement requires all share-based payments to employees to be
recognized in the financial statements based on their fair values. The Company
currently accounts for its share-based payments to employees under the intrinsic
value method of accounting set forth in Accounting Principles Board Opinion No.
25, "Accounting for Stock Issues to Employees." Additionally, the company
complies with the stock-based employer compensation disclosure requirements of
SFAS No. 148, "Accounting for Stock-Based Compensation - Transition and
Disclosure, an amendment of FASB Statement No. 123." The Company plans to adopt
the new statement in its financial statements for the quarter ending September
2005.


                                       8
<PAGE>

ITEM 3. CONTROLS AND PROCEDURES

a)    Evaluation of Disclosure Controls and Procedures. As of June 30, 2005, the
      Company's management carried out an evaluation, under the supervision of
      the Company's Chief Executive Officer and the Chief Financial Officer, of
      the effectiveness of the design and operation of the Company's system of
      disclosure controls and procedures pursuant to the Securities and Exchange
      Act , Rule 13a-15(d) and 15d-15(d) under the Exchange Act. Based upon that
      evaluation, the Chief Executive Officer and Chief Financial Officer
      concluded that the Company's disclosure controls and procedures were
      effective, as of the date of their evaluation, for the purposes of
      recording, processing, summarizing and timely reporting material
      information required to be disclosed in reports filed by the Company under
      the Securities Exchange Act of 1934.

b)    Changes in internal controls. There were no changes in the Company's
      internal controls over financial reporting, that occurred during the
      period covered by this report that have materially affected, or are
      reasonably likely to materially effect, the Company's internal control
      over financial reporting.

                           PART II. OTHER INFORMATION

ITEM 1 LEGAL PROCEEDINGS

      On December 13, 2004, in connection with an action being brought against a
shareholder of the Company, the Supreme Court of Victoria in Melbourne,
Australia placed an injunction against Australian Agriculture and Property
Management Limited, one of the Company's wholly owned subsidiaries, which
restricts the Company's ability to sell certain real estate holdings and
prohibits certain business transactions. The Company has been informed, and been
provided wit an opinion, by its Australian counsel that the restrictions against
the Company are without merit. The Company is currently vigorously challenged
the foregoing actions in the Australian courts and does not believe that it will
have a significant impact on the operations of the Company.

ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

      There has not been any recent unregistered sale of equity securities by
the Company.

ITEM 3 DEFAULTS UPON SENIOR SECURITIES.

      There have not been any defaults on any senior Securities.

ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

      No matters were submitted to the Security Holders of the Company for a
vote during the three months ended June 30, 2005.

ITEM 5 OTHER INFORMATION

      Effective June 24, 2005 the Company changed its name from Australian
Agriculture and Property Development Corporation to Global Realty Development
Corp. In addition, effective July 11, 2005, the Registrant's quotation symbol on
the OTC Bulletin Board was changed from GRD.OB to GRLY.OB.


                                       9
<PAGE>

      At a meeting of the Board of Directors of the Company on June 20, 2005,
Robert Kohn resigned as the Chief Financial Officer of the Registrant and
subsequent to the foregoing resignation, Dale Shepherd was appointed as Chief
Financial Officer with his CFO duties to commence as of September 1, 2005. In
addition, Harry Chauhan resigned as a member of the Board of Directors of the
Company. At the same meeting, the Board of Directors of the Company unanimously
appointed Robert Kohn as the Chief Executive Officer of the Company, Harry
Chauhan as Chief Operating Officer and Dale Shepherd as Secretary.

      Mr. Chauhan was appointed as the President of the Company and as a member
of the Board of Directors in connection with the Company's acquisition of its
Australian subsidiaries in September 2004. From January 2004 until January 2005,
Mr. Chauhan was the president of Atlantic Wine Agencies Inc., a company that
owns a vineyard. From January 2005 to the present, Mr. Chauhan has been involved
in with Australian Power and Energy Limited, Salem Hotels and Resorts Limited
and International Healing Company Limited as a consult. His responsibilities
have included: (i) development and implementation of business plans; (ii)
structuring of mergers and acquisitions; (iii) management of organizational and
operational strategies; and (iv) financial modeling, budgets and fund raising
activities. From November 1999 through December 2001, Mr. Chauhan was the
Commercial and Finance Manager for the United Kingdom and German territories for
Habitat UK and Germany.

      In addition to the above experiences, Mr. Chauhan has been instrumental in
many start up operations, and has held Directorships and senior positions in
organizations such as Wimpey Leisure the largest leisure and home builder in the
world where he was Finance and Commercial Director, Renault UK as a management
controller, Atlantis Energy Switzerland as a consultant, Caterpillar in France,
Spain and Germany, and the Burton Group in UK and mainland Europe where he was
involved in cross border trading development and reorganization of the
international business.

      Mr. Chauhan has extensive knowledge of finance, accounting, tax and
business development and restructuring in many countries including Russia where
he was Commercial Director for Radisson Hotels and Americom Business Centres JV.

      Mr. Kohn was appointed as the Chief Financial Officer of the Company and
as a member of the Board of Directors in April 2005. From April 2004 until
January 2005, Mr. Kohn worked at Wachovia Bank N.A. From May 2001 until April
2004, Mr. Kohn was the Chief Financial Officer of the Global Trade Group a
company involved in international trade activities. From November 1999 until
March 2001, Mr. Kohn was the chief executive officer and chairman of a private
company he co-founded known as Assetrade, a company involved in major equipment
liquidation. Assetrade was merged into Internet Capital Group's sister company
Go Industry AG, www.goindustry.com in 2002. Go Industry is in the capital asset
management business with 500 employees in 16 countries providing corporations
and financial institutions a comprehensive range of industrial asset services,
including disposal, valuation and related consulting.

      Mr. Kohn has been the CEO/COO/CFO and Director of various public and
private companies including a NYSE, National Market NASDAQ and O-T-C companies.
Mr. Kohn is a Certified Public Accountant and received a B.B.A. degree in
Accounting and Economics from Temple University in 1972.

      Mr. Shepherd was a member of General Electric Company's (GE) financial
team for 17 years from 1973 to 1991, operating in many challenging assignments
for the Audio Electronics, Gas Turbine, Plastics, Silicones, Man Made Diamonds,
Electromaterials and Distribution businesses. In GE Materials, he manned the
front line of GE's transition into Global sectors with projects in Japan, Korea,
Hong Kong and Australia. Subsequently, Mr. Shepherd was the first employee and
created the business plan for the most successful distribution business in GE's
history - Polymerland. From this GE business experience, Mr. Shepherd gained
professional expertise in international business, chemical operations and
distribution structure and management.

      From 1991 to 1997, Mr. Shepherd was the Vice President of Business
Development for Kawasaki Steel Corporation's plastics interests after he
completed a $100 million acquisition to start their entry into the plastics
field. Acquisitions and new business start-ups led by Mr. Shepherd in Europe,
Malaysia and the USA, positively transformed the acquired entity's breadth of
scope and financial performance.

      Subsequent work included the position of CFO for Rogers Corporation; CFO
and CAO of AssetTrade; and Vice President of Finance of North American
Logistics, an independent consulting firm specializing in the areas of
international and domestic business development, mergers and acquisitions,
competitive intelligence, business start-ups and business turnarounds.


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<PAGE>

      Mr. Shepherd holds two degrees, a B.A. in Commerce from the University of
Maryland and a B.S. in Accounting from West Chester University, West Chester,
Pennsylvania.

ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K

Exhibits:

Number   Exhibit
------   -------
3.1      Certificate of Incorporation (incorporated by reference to the
         Company's Registration Statement on Form SB-2, filed on July 21,
         2000)

3.2      Amendment to Certificate of Incorporation (incorporated by reference
         to the Company's Registration Statement on Form SB-2, filed on July
         21, 2000)

3.3      Amendment to Certificate of Incorporation (incorporated by reference
         to the Company's Registration Statement on Form SB-2, filed on July
         21, 2000)

3.3      Certificate of Ownership

3.4      By-Laws (incorporated by reference to the Company's Registration
         Statement on Form SB-2, filed on July 21, 2000)

3.5      Amendment to Certificate of Incorporation (incorporated by reference
         to the Company's Annual Statement on Form 10-KSB, filed on April 14,
         2004)

3.6      Amendment to Certificate of Incorporation (incorporated by reference
         to the Company's Annual Statement on Form 10-KSB, filed on May 19,
         2005)

4.1      Agreement between Barry Russell and the Company dated on or about
         July 23, 2004 (incorporated by reference to the Company's
         Registration Statement on Form S-8, filed on March 3, 2004)

4.2      Agreement between Benjamin Mauerberger and the Company dated on or
         about August 20, 2004 (incorporated by reference to the Company's
         Registration Statement on Form S-8, filed on March 3, 2004)

4.3      Agreement between Gary Stewart and the Company dated on or about
         August 20, 2004 (incorporated by reference to the Company's
         Registration Statement on Form S-8, filed on April 13, 2004)

31.1     Certification of Principal Executive Officer pursuant to Section 302
         of the Sarbanes-Oxley Act of 2002

31.2     Certification of Principal Financial Officer pursuant to Section 302
         of the Sarbanes-Oxley Act of 2002

32.1     Certification pursuant to 18 U.S.C. Section 1350, as adopted
         pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief
         Executive Officer)

32.2     Certification pursuant to 18 U.S.C. Section 1350, as adopted
         pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief
         Financial Officer)


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<PAGE>

                                   SIGNATURES

      In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

GLOBAL REALTY DEVELOPMENT CORPORATION

BY:  /s/ Robert Kohn
     ---------------
     Robert Kohn, Chief Executive Officer, Chief Financial Officer


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