‘Destination-defining’ events space plan for Island Quarter revealed
Property investor, Conygar, could turn the disused warehouses on its huge Island Quarter site into “destination defining” events and performance venue, it has announced this morning (May 31).
The company says it is in discussions with a national operator to transform the run-down warehouses and hopes to be in a position to confirm a deal later this year.
Meanwhile, Conygar also announced that it has bolstered its management team to the tune of £4m, it has announced this morning.
The firm, which is behind the huge Island Quarter site in Nottingham, says it has invested in its management operations so that it can provide a “placemaking-led, often locally-unique, high quality and environmentally and socially enhancing product” – especially at its Nottingham site.
Conygar says the investment will see it fall to a loss of £2.3m for its year ending September 30 2022, up from a loss of £53,000 in 2021.
Conygar added that construction is “progressing well” for its 693-bed student accommodation development at The Island Quarter, planned for completion in the summer of 2024. The firm says it has spent around £4.1m on construction costs for the scheme.
The company recently received planning permission at The Island Quarter for two hotels, 247 build to rent apartments and 30,000 sq ft of co-working space and, subject to documenting the section 106 agreement, while earlier this month it also received permission for a 249,000 sq ft bioscience building in May 2023.
In a statement, Conygar said: “We have also held constructive discussions with Nottingham City Council to agree in principle the parameters for a sitewide masterplan that will guide and support the future planning applications at The Island Quarter. This has resulted in a scheme which, subject to the granting of detailed consent and local demand, will enable the overall size of the development to increase up to approximately 3.5 million sq ft.
“Following on from this, we will be looking to utilise, in the coming months, the funds we hope to raise from the ZDP issue to progress further detailed applications in particular for assets in those sectors where investor demand at The Island Quarter is becoming increasingly apparent.”
The value of The Island Quarter, meanwhile, has been estimated by Knight Frank to have risen by almost £15m to £107.7m.
1 The Island Quarter, the new restaurant and events space home to Cleaver and Wake and Binks Yard, has posted revenues of £1.65m since it opened just over six months ago, says Conygar. However, a delay in completing the scheme meant the venue couldn’t take advantage of the late summer and Christmas trade – meaning it posted a loss of £100,000 during that time.
The statement added: “With the warmer months ahead and given the unique facilities and high-quality offering at the venue, as well as the significant opportunities offered by the indoor events space, outdoor plaza and bandstand, for which we have a series of events planned through to the autumn, we are expecting to significantly increase revenues for the remainder of the year. This will be supported by further targeted improvements to gross margins following the recruitment of an exceptional team, effective and efficient cost management, menu engineering and improved disciplines as this new venture becomes more established.”
