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 will now also press ahead with a scheme in Bristol.

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.”