IM Properties buys Welsh hotel

The planned Premier Inn at Parc Cybi

IM Properties has bought a hotel development in Wales which is part of a major regeneration site.

An 80-bedroom Premier Inn hotel is being built at Parc Cybi, near Holyhead, Anglesey, on a 120-acre logistics and industrial scheme.

Conygar Investment Company has forward sold the hotel, which is scheduled to be completed next January, receiving net proceeds of £6.9m.

Robert Ware, chief executive of Conygar, said: “We are pleased to have agreed the sale of this development project, which will complete in January 2019 at a very competitive price, reflecting the strong appetite we are seeing for properties benefitting from long-term income, let to high-quality occupiers.”

Parc Cybi’s first phase includes a 30,000 sq ft Gateway Office scheme, and 109,000 sq ft of logistics and industrial units.