Portfolio of properties sold to help offset debts
PROPERTIES formerly belonging to Warwick development identity John Doherty have largely been sold off as part of debt recovery, according to receivers and managers Ernst and Young.
A portfolio was placed on the market last year, including rural holdings and residential and commercial sites in Warwick, owned by Mr Doherty and partner Janette Gilchrist.
Ernst and Young spokesman Duncan Clubb told the Daily News those remaining included a number of lots in the Mount Tabor Estate and commercial premises on Grafton St occupied by Anytime Fitness, Target Country and Crazy Clarks.
"Those Grafton St premises we expect to place on the open market in the next couple of months," Mr Clubb said yesterday.
Other Doherty CBD sites now sold off include the Magnolia Arcade on Palmerin St, purchased for $1.2 million by Rose City Shoppingworld owners the Brisbane-based McConaghy Group, understood to be for part of a future planned expansion of the centre.
Nearby Derby House and its retail tenancies near the Palace Hotel were sold for $415,000 in late January and are understood to have been purchased by a local buyer.
Miandetta Farms and piggery at Murrays Bridge, purchased by Mr Doherty and Ms Gilchrist in 2004 changed hands late last year, picked up for an as-yet undisclosed sum by the Dalby-based Reilly Pastoral Company.
Owner Andrew Reilly has piggery interests in other Queensland locations, including at Massie.
Mr Doherty's luxury thoroughbred stud Secret Hill at Beaudesert sold for $2.6m in December last year to an undisclosed buyer, well below the $4.6m Mr Doherty paid for it in 2006.
Mr Doherty and Ms Gilchrist were last year involved as defendants in legal action for more than $500,000 by NSW-based Westlawn Finance, which funded the purchase of racehorses for Secret Hill.
Several rural parcels on Oehlmann Rd north of Warwick are still listed on property data records as owned by Mr Doherty and Ms Gilchrist, as are three residential homes near the Palace Hotel on Percy St.
Marketing agent Andrew Williams of Elders Warwick said they had received "good inquiry" on the remaining Doherty properties with those already sold representing "solid investments" for their buyers.