The Conygar Investment Company PLC announced that it has completed the sale of 9.6 acres of land at its development site at Haverfordwest, Pembrokeshire to Sainsbury's Supermarkets Limited for a gross consideration of £13.75 million (approx. €16.84 million).
As part of the consideration received from Sainsbury's, Conygar is committed to complete the highways and services infrastructure works to enable both the food store opening and to service the residential development on the remaining 83 acres upon which the Company currently has planning permission to construct 729 houses. These works are anticipated to commence this summer and will cost circa £7.8 million including contributions under the Section 106 agreement.
Sainsbury's planning consent is for a 60,000 ft² (approx. €5,574 m²) retail food store with car park and petrol filling station, whilst Conygar will hold 729 fully serviced residential plots available for development. Conygar acquired the entire 93 acre site during 2010 and 2011 and has spent £15.4 million to date, including the costs of obtaining planning permission. The Company has also completed on the disposal of an existing residential property on the site for £0.6 million.
Robert Ware, Chief Executive of Conygar commented:
"We are pleased to have now satisfied all the various conditions and completed on the sale to Sainsbury's. The sale has provided all the funding required to complete the infrastructure works without resorting to any of our existing cash resources. This will enable us to market the fully serviced 83 acre residential site.
We are continuing to progress our proposed multi use scheme at Ebenezer Row which will link the development to the Town Centre."