Sovereign Downs under contract
A NEW buyer for the stalled Sovereign Downs site on Warwick’s Bracker Road could be announced in two weeks.
Richard Fielding of Ray White Rural yesterday confirmed the site was under contract and due to be settled in the next couple of weeks.
Earlier in the year Ray White had asked for expressions of interest on the 13.36-hectare site.
The ill-fated site was approved for subdivision by Southern Downs Regional Council in 2004, but after a string of developers and a string of hurdles, it has remained untouched since 2008.
It was last reported in the Daily News that Sovereign Downs was placed in the hands of receivers, BDO Kendalls.
Under Gold Coast-based developer Manassa Group, action was taken against its contractor Londy Civil Construction for money owing to local firms for work carried out.
The former Warwick Shire Council approved subdivision of Sovereign Downs into 128 lots in 2004 but the next year its marketer, Chris Bilborough, was accused of property scams.
In 2008, Shared Wealth Mortgages (SWM) promoted the Warwick Professional Property Expo to secure local investors in Sovereign Downs.
However, the Daily News revealed later in the year SWM director Darryl John Loane appeared in court on fraud charges.