The Conygar Investment Company PLC (LON:CIC), the property investment and development group, has today announced that it has completed the disposal of its retail park in Cross Hands, Llanelli for a net consideration of £18.25 million. The net proceeds are expected to be utilised in progression of the Company’s development at The Island Quarter site in Nottingham.
Freddie Jones, Director at Conygar Investment said, “We are delighted to have exited our retail park development. Since we purchased the 10-acre site in 2015 we have constructed and fully let the 92,000 sqft scheme to leading operators including Lidl, B and M Retail, Iceland’s Food Warehouse, Costa Coffee and Pets at Home with annual net rental income of £1.3 million. The sale is at a £0.5 million premium to the September 2021 year end valuation which reiterates our strategy of selling completed developments.”
