Conygar is optimistic about the rest of 2023 and relieved to have escaped the “permacrisis” of 2022.
The developer of the Island Quarter in Nottingham said its net asset value had fallen in value by £2.3m to £122.3m over the first six months of its financial year, to the end of March. However, it had managed to remain debt-free and with £13.3m of cash in the bank.
That will change this month as it draws on the £47.5m facility arranged last year with Barclays Bank to enable the completion of a 693-bed student accommodation development at the Nottingham scheme, targeted for completion in May 2024.
Chief executive Robert Ware said he was “cautiously optimistic” about the group’s prospects for the rest of 2023, “having gratefully exited 2022, the year of the permacrisis, relatively unscathed”.
He added that interest rates looked to have nearly reached their peak, real estate markets were beginning to stabilise and investor sentiment was improving.
Earlier this month, Conygar received planning consent for a 249,000 sq ft bioscience building at the Island Quarter.
It is currently in discussions with Nottingham City Council for a site-wide masterplan that would enable the scheme to grow to 3.5m sq ft in total.
Conygar also has developments in Wales and an option over 14.7 acres of land near Bristol Temple Meads railway station.
Ware added: “We believe that the significant progress made at our currently owned and targeted development projects leaves us well positioned to take advantage of those opportunities as they start to emerge.”
To send feedback, e-mail newsdesk@eg.co.uk or tweet @EGPropertyNews
