Conygar abandons Wales retail park plans
The Conygar Investment Company has abandoned plans for a £40m retail park in Conwy, Wales, citing the “difficult” outlook for retailers.
The developer was granted planning consent for the 90,000 sq ft retail park at Llandudno Junction. However, in its interim results for the six months ending 31 March 2018, published today, it said it had written off the value of its £0.8m investment in the project.
“We have been working in partnership with Conwy County Council as its preferred development partner to bring forward a 90,000 sq ft retail park,” the company said.
The Conygar Investment Company has abandoned plans for a £40m retail park in Conwy, Wales, citing the “difficult” outlook for retailers.
The developer was granted planning consent for the 90,000 sq ft retail park at Llandudno Junction. However, in its interim results for the six months ending 31 March 2018, published today, it said it had written off the value of its £0.8m investment in the project.
“We have been working in partnership with Conwy County Council as its preferred development partner to bring forward a 90,000 sq ft retail park,” the company said.
“The outlook for retailers is difficult and we believe that we will be unable to deliver the retail park as planned. However, we hope to devise alternative schemes for the site.”
The company reported a NAV fall of 0.1% to £128.1m for the six months to 31 March. Net asset value per share was at 198p, down from 203p over the half-year period.
It also had to write off £2.4m from its proposed Fishguard Waterfront development in Wales, following the discovery earlier this year that the scheme would interfere with harbour and ferry operations, so could not go ahead.
Ongoing developments include plans for a 2m sq ft mixed-use scheme in Nottingham city centre that will include flats, student housing, offices, leisure uses and community retail. A planning application is due to be submitted next month.
Chief executive Robert Ware said: “The development pipeline, which is held at cost, presents considerable potential for growth in net asset value per share in the coming years and the team will continue to work hard to deliver these projects.
“Our balance sheet remains strong, with cash reserves and no debt, and we are therefore well placed to maximise the value of the projects and investments we hold and to acquire further assets when it makes sense to do so.”
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