LONDON: The Conygar Investment Company has announced the sale of its development land at Holyhead Waterfront and Parc Cybi, located in Anglesey, Wales, to Stena Line Ports Limited. The transaction, which includes an adjoining seabed at Holyhead, is set to be completed on March 28, 2025.
The sale will generate net proceeds of £6.6 million after costs, with £3 million earmarked for partial repayment of the Barclays development loan connected to the Winfield Court student accommodation in Nottingham’s Island Quarter. The remaining funds will support ongoing operations of the property investment and development group.
The deal is expected to yield a £6.22 million profit this year for Conygar, which had previously written down the value of the Holyhead site by £5 million in 2023. The Parc Cybi land originally cost the group £0.38 million.
“We are delighted to have completed the sale of these assets to Stena,” said Robert Ware, Chief Executive of Conygar. “Stena, in addition to operating the ferry port, is instrumental in the ongoing development of Prosperity Park and the wider freeport throughout Anglesey.”
Stena Line Ports is a key player in the region’s economic and infrastructure growth, with this acquisition bolstering their role in Anglesey’s development.