Island Quarter to progress after receiving multi-million-pound boost

The developer behind the Island Quarter regeneration scheme in Nottingham has pledged to put the proceeds from the sale of a major asset in Wales towards progressing the £1bn site.

Conygar has sold a development site in Haverfordwest, Pembrokeshire to The Welsh Ministers and POBL Homes and Communities Limited for £9.65m and says the net proceeds of £9.55m will be used “primarily” for the further progression of The Island Quarter.

It is unclear which specific parts of the mixed-use scheme will benefit from the cash boost.

In November, Conygar warned it needed to raise “substantial” funds in order to “significantly progress” the project.

The firm subsequently landed a £47.5m funding deal with Barclays which it said would enable it to complete a 693-room student scheme at the site.

Freddie Jones, director of Conygar, said: “We are delighted to have agreed the sale of Haverfordwest, as part of our plan to focus our resources on those areas where we expect to see the greatest returns for our shareholders.”

Conygar also says it is looking to raise additional capital through the issue of zero dividend preference shares to put towards the Island Quarter scheme.

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