Completion of Disposal at Haverfordwest

RNS Number : 7884G

Conygar Investment Company PLC(The)

12 May 2014

 

For immediate release

12 May 2014

THE CONYGAR INVESTMENT COMPANY PLC

COMPLETION OF DISPOSAL AT HAVERFORDWEST

The Conygar Investment Company PLC ("Conygar" or the "Company"), the property investment and development group, announces that it has completed the sale of 9.6 acres of land at its development site at Haverfordwest, Pembrokeshire to Sainsbury's Supermarkets Limited for a gross consideration of £13.75 million.

As part of the consideration received from Sainsbury's, Conygar is committed to complete the highways and services infrastructure works to enable both the food store opening and to service the residential development on the remaining 83 acres upon which the Company currently has planning permission to construct 729 houses. These works are anticipated to commence this summer and will cost circa £7.8 million including contributions under the Section 106 agreement.

Sainsbury's planning consent is for a 60,000 square foot retail food store with car park and petrol filling station, whilst Conygar will hold 729 fully serviced residential plots available for development. Conygar acquired the entire 93 acre site during 2010 and 2011 and has spent £15.4 million to date, including the costs of obtaining planning permission. The Company has also completed on the disposal of an existing residential property on the site for £0.6 million.

 Robert Ware, Chief Executive of Conygar commented:

"We are pleased to have now satisfied all the various conditions and completed on the sale to Sainsbury's. The sale has provided all the funding required to complete the infrastructure works without resorting to any of our existing cash resources. This will enable us to market the fully serviced 83 acre residential site.

We are continuing to progress our proposed multi use scheme at Ebenezer Row which will link the development to the Town Centre."

Enquiries:

The Conygar Investment Company PLC

Robert Ware/Peter Batchelor: 020 7258 8670

Liberum Capital Limited (Nominated Adviser and Broker)

Chris Bowman/Richard Bootle: 020 3100 2222

Temple Bar Advisory (Public Relations)

Alex Child-Villiers: 07795 425580

 

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