Conygar Investment agrees to forward-sell Anglesey hotel

Property investment and development group, Conygar Investment Company, has exchanged contracts to forward-sell its 80-bedroom hotel at Parc Ciby in Anglesey to IM Properties, inn a deal that will see it pocket £6.9m.

The hotel is currently under construction and once built, will be subject to a 25-year lease with Premier Inn Hotels.

Proceeds from the sale represent a net initial yield of 4.7% and construction of the hotel is expected to complete at the end of next year.

Chief executive Robert Ware said: "We are pleased to have agreed the sale of this development project, which will complete in January 2019 at a very competitive price, reflecting the strong appetite we are seeing for properties benefitting from long-term income, let to high-quality occupiers."

At 1300 BST, the shares were down 0.6% to 171p.