Conygar Investment sells Nottingham gym for GBP6.8 million

(Alliance News) - Conygar Investment Co PLC on Tuesday said it has exchanged contracts to sell the Virgin Active gym at the Island Quarter in Nottingham to Monoprop Ltd.

The London-based property developer said the sale price is GBP6.8 million in cash. The net proceeds will be used to partly repay the GBP12 million ASK Partners loan secured against the wider site.

Conygar said it will record a loss of GBP750,000 from the transaction based on the valuation of GBP7.5 million from the March accounts.

In the year to the end of September 2024, the holding company of the Virgin Active gym recorded a net loss of GBP67,000, inclusive of interest paid on the ASK Partners loan.

Completion of the sale will follow in one month's time, Conygar said.

"This sale represents a good piece of asset management for the team having purchased the long leasehold interest for GBP5.90 million in May 2024 and we look forward to progressing other areas of the site in the near future," said Managing Director Christopher Ware.

Shares in Conygar Investment were down 2.4% at 30.26 pence in London on Tuesday afternoon.

By Michael Hennessey, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.

Conygar Inv