Conygar ‘cautiously’ moves ahead with Nottingham plans
Conygar has said it will “cautiously” move forward plans for Nottingham’s Island Quarter, despite “market uncertainty”.
Announcing its preliminary results this morning, the developer said its NAV had increased to £124.5m, following a £10.5m uplift after a share placing earlier this year.
Signalling that the group will continue to avoid raising any debt, chief executive Robert Ware said: “We will continue to cautiously move our development programme forward with a particular focus on the targeted and efficient use of the group’s existing and anticipated cash deposits.”
Conygar has said it will “cautiously” move forward plans for Nottingham’s Island Quarter, despite “market uncertainty”.
Announcing its preliminary results this morning, the developer said its NAV had increased to £124.5m, following a £10.5m uplift after a share placing earlier this year.
Signalling that the group will continue to avoid raising any debt, chief executive Robert Ware said: “We will continue to cautiously move our development programme forward with a particular focus on the targeted and efficient use of the group’s existing and anticipated cash deposits.”
Conygar currently has £17.4m cash on hand, along with no debt and no borrowings.
Over the year it invested £23.6m in its Island Quarter scheme, resulting in a £93m valuation for the mixed-use development.
So far the first phase, the restaurant and event space, 1 The Island Quarter, has been completed. Construction has begun on a 693-bed student development, while planning has been granted for 247 BTR apartments, a 223-bedroom hotel and 400 co-working desks.
Ware said Conygar’s focus “will include the further advancement of the detailed designs and planning submissions for The Island Quarter, in order that the group is well positioned to take advantage of these opportunities as and when our cash flows and market sentiment allows”.
The focus on Nottingham implies that plans for a 250-berth marina, 259 homes and associated retail and public realm in Holyhead, Anglesey, will once more be delayed.
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Image © DAY Architectural
