Conygar sell Selly Oak property generating a trading profit of £3.6 million

Conygar

Conygar Investment Company PLC (LON:CIC), the property investment and development group, has announced that it has completed the disposal of its industrial units in Selly Oak, Birmingham.

As previously announced, contracts were exchanged in 2019 for the sale of the Selly Oak property, on a subject to planning basis, to a specialist provider of student accommodation. The sale has now completed for £7.17 million compared to a book value of £3.57 million.

Freddie Jones, Director of Conygar said “We are delighted to have exited this property generating a trading profit of £3.6 million, while also having benefited from the rental income received, since our strategic purchase of the units in 2018”.

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