Conygar has sold its development site at Haverfordwest in Pembrokeshire for just under £10m.
Contracts have been exchanged on an unconditional basis with the Welsh ministers and POBL Homes & Communities for the site, which has outline consent for 729 homes and 90,000 sq ft of retail space.
Conygar said the sale would hand it a £200,000 profit and would, more importantly, allow it to concentrate on its ongoing development of the Island Quarter in Nottingham.
Conygar director Freddie Jones said: “We are delighted to have agreed the sale of Haverfordwest as part of our plan to focus our resources on those areas where we expect to see the greatest returns for our shareholders.”
The developer said it intends to raise additional capital through the issue of zero-dividend preference shares to develop rhe Island Quarter, adding that the funds may also be used for further acquisitions of investment properties and “in realising value from the group’s other development projects”.
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