Conygar expects 2017 starts on key projects
Conygar Investment Company, which has significant holdings in North Wales, has said that it anticipates starting construction at several of its development projects in the next year.
Announcing its preliminary results for the year to 30 September 2016, Conygar acknowledged a fall in net asset value per share of 3.2%, to 196.9p, but said that the performance of its investment portfolio and progress on development sites mean the business is well placed.
JLL has valued Conygar’s investment portfolio at £130.7m, up 1% on a like-for-like basis. The business stated that it has £64m cash available for acquisitions and development funding. Net debt stands at £27.2m.
Over the course of the year Conygar made two large acquisitions, one of them being the £3m freehold purchase of a 203-acre former gas storage facility at Rhosgoch, near Anglesey. Conygar has signed an option agreement with Horizon Nuclear Power for the whole site, which is one of several Horizon is considering for the temporary accommodation for construction workers at the Wylfa nuclear power station.
Conygar also has an option, running to 2022, with Horizon for a logistics centre on a 6.9-acre plot at Parc Cybi Business Park on the edge of Holyhead. Subject to planning, an agreement is in place with a national hotel operator at the gateway plot here. A truck stop developed with a Fred Done business has now opened at the site.
Also in Holyhead, the group’s £100m plans to redevelop the marina in joint venture with Stena Line went to public inquiry in October following a Town & Village Green application from Waterfront Action Group. Conygar said it remains confident that the scheme can go ahead.
At Mochdre Commerce Park in Colwyn Bay, a deal was signed with Conwy County Council for a 60,000 sq ft industrial unit and 3.2 acres of open storage land. A second deal saw 35,000 sq ft let to a biotech business. In May 2016, planning permission was achieved for 90,000 sq ft of retail at Llandudno Junction.
The other key holdings in the region are in Warrington. At The Links, £1m was invested this year in refurbishing two properties, while at Kelvin Close, HP extended its lease by five years at an improved rent.