A PRIME piece of Newquay estate land has been sold on to new developers for about £1 million – a fifth of what it was believed to have been worth last year.

The flagship Woodlands site, in Pentire, has been snapped up by an as yet unnamed Bristol-based developer.

The Woodlands – which has planning permission for 18 high-end luxury apartments overlooking the River Gannel – was part of the Penpol Group property empire.

Spearheaded by Penpol chief Steve Beasant, the site was one of several transferred into the hands of insolvency firms, following the confirmation of his bankruptcy earlier this year.

The Newquay Guardian saw documents in 2008, which showed the Bank of Ireland sent formal demands to directors of Penpol Homes 4 Ltd – a subsidiary company covering the Woodlands development – demanding more than £5.5 million. But the site has now moved into new hands, having been sold on by property consultants Alder King.

Eyesore

It remains unclear whether the Bristol-based firm will go forward with the original planning permission for 18 flats.

However, the news has been welcomed by Pentire resident Harry Davey who said it was encouraging that an eyesore site could be brought back into use.

"It is something of a scar on the landscape at the moment and it would be good to see something happen with it," he said.

"There's nothing worse than having all these pieces of land that look like bomb sites.

"But, you still wonder who is actually going to buy them when they go back onto the market."

Following the demise of Penpol, the Woodlands site fell into the hands of Deloitte LLP.

Small print on two signs erected at the Woodlands site read: "N G Edwards and R M Hawes of Deloitte LLP were appointed joint administrators of Penpol Homes 4 Ltd in December 2008 and manage affairs and property of the company.

"The joint administrators act as agents of the company only without personal liability."