The Conygar Investment Company PLC (LON:CIC), the property investment and development group, announced today 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 Investment Company PLC, 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.”