18 June 2018
THE CONYGAR INVESTMENT COMPANY PLC
SALE AGREED OF PREMIER INN AT PARC CYBI
The Conygar Investment Company PLC (“Conygar”), the property investment and development group, announces that it has exchanged contracts to forward sell its 80-bedroom hotel at Parc Cybi, on the outskirts of Holyhead, Anglesey to IM Properties PLC. The hotel is currently under construction and once built, it is subject to a 25 year lease with Premier Inn Hotels Limited.
The land value and development agreement will result in Conygar receiving net proceeds of £6.9 million, which represents a net initial yield of 4.7%. It is expected that the construction of the hotel will complete at the end of January 2019.
Robert Ware, Chief Executive of Conygar, commented:
“We are pleased to have agreed the sale of this development project, which will complete in January 2019 at a very competitive price, reflecting the strong appetite we are seeing for properties benefitting from long-term income, let to high-quality occupiers.”