Island Quarter owner seals £12m debt funding deal

Conygar, the owner of the huge Island Quarter scheme in Nottingham, has landed a £12m debt facility that it says will “progress certain plots” on the site.

The company has agreed the deal with A.S.K. Partners. It will also use the cash to bring forward a planning application for its potential acquisition site in Bristol.

The term of the loan is for a minimum of two years. The interest rate is calculated by reference to the Bank of England base rate plus a margin of 5.9% and is secured on part of The Island Quarter site in Nottingham.

Robert Ware, chief executive of the company, said: “We are delighted to have secured the facility with ASK which now enables the further progression of both our substantial mixed-use projects at Nottingham and Bristol.”