The Conygar Investment Company has agreed with Stena Line Ports to take 100% control of their joint venture development at Holyhead Waterfront.
Conygar will now progress the scheme as planned and seek to obtain detailed planning permission.
Plans for waterfront regeneration include over 200 homes, 50,000 sq ft of commercial and leisure space and a new marina.
As part of the deal the jv company Conygar Stena Line has granted 999-year leases to Stena for the platform at Soldier’s Quay and a warehouse at Soldier’s Point.
For the sale of its shares in the joint venture company, Stena has received £1 and will receive 20% of the profit after tax of the development once it has completed.
For the year ended 30 September 2017, the joint venture company made a loss before tax of £163,762 and had net current assets of £4,372,887.
Robert Ware, chief executive of Conygar said: “We are pleased to gain full control of this development project and at the same time still receive the support of Stena Line, which is keen for the project to progress.
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