Conygar has submitted plans for the first phase of its £650m Island Quarter scheme in Nottingham.
The first phase of the scheme includes a 223-bedroom hotel, more than 240 build-to-rent apartments, co-working space and food and beverage space.
Conygar has already got consent to develop a 21,528 sq ft, three-storey waterside pavilion with two restaurants and 5,382 sq ft of events space.
The wider 40-acre development will see homes, shops, a linear park and student accommodation built across a number of phases.
The Island Quarter is one of Conygar’s flagship developments and in November it said it may need to sell off assets or strike a joint venture so that it can develop the £650m scheme.
The AIM-listed company said it would need to raise “substantial amounts either as debt, or through joint ventures or asset sales” to go ahead with the scheme.
“This is a major development and is central to the company’s future,” it added.
Those comments came alongside Conygar’s full-year results, in which it said net asset value plunged by 11.8% to £88.8m in the year to 30 September, citing difficulties relating to Covid-19.
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