Business
Acquisition of Industrial Park
Acquisition of Industrial Park.
About this update from Conygar Investment Company Plc
[{"type":"text","content":"\n \nRNS Number : 6638N Conygar Investment Company PLC(The) 30 July 2014 \n\n \nFor immediate release\n30 July 2014\nTHE CONYGAR INVESTMENT COMPANY PLC\nACQUISITION OF INDUSTRIAL PARK\nThe Conygar Investment Company PLC (\"Conygar\"), the property investment and development group, announces the acquisition of a multi-let freehold industrial site, Mochdre Commerce Park located at Colwyn Bay, North Wales for a total consideration of £2.75 million including costs. The park comprises approximately 22 acres and 191,000 square feet of modern industrial space and is strategically located adjoining the A55 expressway midway between Holyhead and Chester.\nThe property is currently part let to 3 tenants with a passing rent of £106,942 per annum which should increase to £166,942 once two lettings currently in advanced negotiation are completed. The remaining 146,000 square feet is currently vacant. The commerce park, which has suffered from under-investment in recent times, offers excellent asset management and development opportunities with which to add significant value. Conygar will look to invest in updating and refurbishing the various vacant units and potentially developing additional units.\nRobert Ware, Chief Executive of Conygar commented: \n\"This acquisition offers excellent opportunities for us to add real value in this strategically important area of North Wales. Our local knowledge and contacts, plus the experience gained from our development at Parc Cybi on the outskirts of Holyhead, will be critical in successfully developing the commerce park. Whilst primarily a development opportunity, the existing rental yield ensures the asset will remain cash positive whilst we refurbish and possibly redevelop other parts of the park.\"\n \nEnquiries:\nThe Conygar Investment Company PLC\nRobert Ware: 020 7258 8670\n \nLiberum Capital Limited (Nominated Adviser and Broker)\nChris Bowman/Tim Graham/Richard Bootle: 020 3100 2222\n \nTemple Bar Advisory (Public Relations)\nAlex Child-Villiers: 07795 425580\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END ACQRLMFTMBBTBFI\n ","length":3263,"tagName":"div"}]