Conygar sells Cross Hands retail park for £18.25m

Property investor and developer Conygar has completed the disposal of its retail park in Cross Hands, Llanelli, for net consideration of £18.25m, it announced on Thursday.

The AIM-traded firm said the net proceeds were set to be used in progressing its development at the Island Quarter site in Nottingham.

It said the sale was at a £0.5m premium to the property’s September 2021 year-end valuation.

“We are delighted to have exited our retail park development,” said company director Freddie Jones.

“Since we purchased the 10-acre site in 2015 we have constructed and fully let the 92,000 square foot scheme to leading operators including Lidl, B&M, Iceland's Food Warehouse, Costa Coffee and Pets at Home, with annual net rental income of £1.3m.”

At 1030 GMT, shares in the Conygar Investment Comp[any were up 1.14% at 158.29p.