# Conygar Investment Company PLC Sale agreed of Premier Inn at Parc Cybi

- Link: https://www.directorstalkinterviews.com/conygar-investment-company-plc-sale-agreed-premier-inn-parc-cybi/412752985
- Published: 2018-06-18T07:17:01+01:00
- Author: Giles Arbor

The **Conygar Investment Company PLC** ([LON:CIC](https://www.directorstalkinterviews.com/company/conygar-investment-company-plc/cic.l)),
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.”

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