Sale of Holyhead Waterfront and Parc Cybi
Sold Holyhead Waterfront and Parc Cybi in Anglesey to Stena Line Ports for £6.60m net proceeds.
- Net proceeds £6.60 million
- Profit on transaction £6.22 million
- Barclays development loan repayment £3.0 million
- Parc Cybi land cost £0.38 million
- Holyhead land write-down (2023) £5 million
Select text to share a quote on X · sign in to keep highlights & notes in your CIC notes
The Conygar Investment Company PLC ("Conygar" or the "Group"), the property investment and development group, announces that it has unconditionally exchanged contracts to sell its development land and adjoining seabed at Holyhead Waterfront ("Holyhead") in addition to its land at Parc Cybi, both in Anglesey, to Stena Line Ports Limited ("Stena"). Completion is contracted to occur on 28 March 2025.
The net proceeds of £6.60 million after sale costs will be utilised partly to repay £3.0 million of the Barclays development loan, provided in connection with the Winfield Court student accommodation at The Island Quarter in Nottingham. The balance will be utilised to support the ongoing operations of the Group.
The Group will realise a profit this year from the transaction of £6.22 million. The land cost of Parc Cybi is £0.38 million and that of Holyhead is £nil having been written down by £5 million in 2023.
Robert Ware, Chief Executive of Conygar, commented:
"We are delighted to have completed the sale of these assets to Stena who, in addition to operating the ferry port, are themselves instrumental in the ongoing development of Prosperity Park and the wider freeport throughout Anglesey."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.