Last checked at 30 Jul 2014 07:00
For immediate release
30 July 2014
THE CONYGAR INVESTMENT COMPANY PLC
ACQUISITION OF INDUSTRIAL PARK
The Conygar Investment Company PLC ("Conygar"), the property investment and development group, announces the acquisition of a multi-let freehold industrial site, Mochdre Commerce Park located at Colwyn Bay, North Wales for a total consideration of £2.75 million including costs. The park comprises approximately 22 acres and 191,000 square feet of modern industrial space and is strategically located adjoining the A55 expressway midway between Holyhead and Chester.
The property is currently part let to 3 tenants with a passing rent of £106,942 per annum which should increase to £166,942 once two lettings currently in advanced negotiation are completed. The remaining 146,000 square feet is currently vacant. The commerce park, which has suffered from under-investment in recent times, offers excellent asset management and development opportunities with which to add significant value. Conygar will look to invest in updating and refurbishing the various vacant units and potentially developing additional units.
Robert Ware, Chief Executive of Conygar commented:
"This acquisition offers excellent opportunities for us to add real value in this strategically important area of North Wales. Our local knowledge and contacts, plus the experience gained from our development at Parc Cybi on the outskirts of Holyhead, will be critical in successfully developing the commerce park. Whilst primarily a development opportunity, the existing rental yield ensures the asset will remain cash positive whilst we refurbish and possibly redevelop other parts of the park."
Enquiries:
The Conygar Investment Company PLC
Robert Ware: 020 7258 8670
Liberum Capital Limited (Nominated Adviser and Broker)
Chris Bowman/Tim Graham/Richard Bootle: 020 3100 2222
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580