PORTFOLIO

Conygar acquired the 36 acre Island Quarter site in Nottingham City Centre in December 2016. The site was formerly the headquarters and laboratories of Boots, the chemists, and has been mostly vacant for over 25 years. An outline planning application was submitted in June 2018 and the resolution to grant planning permission for the mixed use scheme was granted by Nottingham City Council in April 2019.

The permission for the development is for approximately three million square feet to include new homes, grade A office space, creative market, a lifestyle hotel, retail units, student accommodation and associated public realm.

In mid-September 2022, the first of many planned developments opened to the public at 1 The Island Quarter on the north-west corner of the site, to the south of Nottingham’s historic lace market. This venue, which occupies just over one acre, currently comprises an outside performance area, an indoor event space for private hire, two dining experiences and, in due course, a roof top terrace planned for opening later this year which will provide stunning views over the city.

Binks Yard occupies the ground floor providing an all-day, dining, drinking and entertainment venue whilst Cleaver & Wake offers a modern dining experience, using the finest nationally-sourced produce, with both restaurants under the leadership of Laurence Henry, the 2018 MasterChef: The Professionals winner. The strength of this development lies in the variety of the offer, incorporating not only the restaurants, but also the outside bandstand and plaza, to provide live music and events for up to 500 guests, and the upper floor events space available for private hire for a further 120 guests.

In May 2022, the adjacent plot, which incorporates two hotels to be managed by Intercontinental Hotels Group, co-working space, 247 build to rent apartments, plus a food and beverage offering, was granted detailed planning permission.

Construction has also commenced on the 693 bed student accommodation development, targeted for completion by the summer of 2024, with the buildings expected to be available to students for the academic year commencing in September 2024.

On 17 May 2023, Nottingham City Council approved the detailed application for the next phase of The Island Quarter development comprising a 23,123 sq.m. (249,000 sq.ft.) bioscience building, which includes both laboratory and office space as well as conference facilities, to be located adjacent to an existing bioscience hub. The permission is subject to the documenting of the section 106 agreement. Conygar is also progressing discussions with a potential funding partner in respect of this phase of the development and with a potential local tenant looking for significant expansion.

Further planning applications are expected to be submitted in connection with subsequent phases of The Island Quarter, including in respect of further student accommodation at the site (expected to be submitted in 2023) and in respect of a further bioscience space at the site (expected to be submitted when the first bioscience space is on site). As the masterplan for The Island Quarter evolves, the Board currently anticipates an increase in the size of the development to c.3.5 million square feet (compared with the outline consent currently granted of 2.8 million square feet).

Further details on the Island Quarter development can be found at: https://www.theislandquarter.com

On 24 March 2023, Conygar completed the disposal of its development site at Haverfordwest, Pembrokeshire to The Welsh Ministers and POBL Homes and Communities Limited for aggregate gross proceeds of £9.65 million, resulting in a profit over carrying value of £0.2 million. The development site has outline consent for 729 residential units and 90,000 square feet of implemented A1 retail.

The Holyhead Waterfront scheme in Anglesey has outline consent for 325 houses, a hotel and 40,000 square foot of retail space.

On 22 October 2021, a further planning application was submitted which supplements the outline consent previously granted in 2014.

The proposed development will include a 250-berth marina, 259 townhouses and apartments, marine commercial and additional A1/A3 retail units on the waterfront, together with substantial areas of improved public realm, and an amphitheatre and covered arcade for open-air events. The submission of the application follows a period of stakeholder and community engagement, carried out earlier this year, and a mandatory period of pre-application consultation, which concluded in August 2021.

The determination of these applications has been delayed by a lack of available planning officers, but the applications are now progressing and are currently expected to be considered by the planning committee later this year.

Conygar continues to hold substantial plots of land at Parc Cybi business park and Rhosgoch on Anglesey. In September 2022 for which we have continuing interest from the renewables sector, in particular for the site at Rhosgoch. However, Conygar will continue to retain these sites and wait to see whether the UK and Welsh governments’ announcements, for their suggested support of nuclear and/or other energy forms on Anglesey, translate to a full commitment.

On 24 March 2023 we announced that the Anglesey Freeport Bid Consortium had secured Freeport status for Anglesey and that the 203 acre brownfield site at Rhosgoch will be included within the Freeport special areas. The Freeport will form special zones with simplified customs procedures, relief on customs duties, tax benefits and development flexibility.