Sovereign Downs, south of Cinema Heights in Warwick, has been sold.
Sovereign Downs, south of Cinema Heights in Warwick, has been sold.

Locals own dormant Downs

THE new owner of the Sovereign Downs Estate site at Bracker Road on Warwick’s southside is remaining tight-lipped about their identity.

The 13.36 hectare site changed hands last month for $1.6 million after sitting defunct for several years since its previous promoters, the Gold Coast-based Manassa Group, went into liquidation.

Sovereign Downs was also linked to failed real estate promoter Darryl John Loane, also from the Gold Coast, who targeted Warwick and whom the Daily News outed in May 2008 as facing fraud charges for which he was later jailed.

It is unclear at this stage if local contractors and unsecured creditors owed money by the Manassa Group for earthmoving and other preliminary work on the estate will see any of the proceeds of the recent sale.

Ray White Rural principal Bernie Brosnan yesterday declined to be drawn on the identity of the site’s new owners, whom he described only as “a local group” who did not which to disclose themselves at this time.

Earlier reports put the sale figure at a rumoured $1.5m.

Richard Fielding of Ray White Special Projects, who jointly marketed the property with Ray White Rural Warwick, said it was sold under instructions from receivers and managers BDO.

“The site has development approval for 127 lots over three stages,” Mr Fielding said yesterday.

“We received 44 enquiries for the property during the marketing campaign primarily from South East Queensland.

“We subsequently received four offers on contract.

“Construction on stage one for 55 lots is already underway and the new owner is keen to get that completed.”

The estate is located 2.6km from the Warwick town centre and 2.3km from the Big W distribution centre.


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