Developer set to pump over £18m into Island Quarter site

Conygar is set to invest over £18m into its huge Island Quarter site in Nottingham after selling a retail park.

The firm has offloaded its site in Cross Hands, Llanelli in a deal worth £18.25m, which it says it will spend on The Island Quarter.

Freddie Jones, director at Conygar, 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 sq ft 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.”