Conygar has unconditionally exchanged contracts to sell the site occupied by the Virgin Active gym at The Island Quarter, Nottingham.
Property investment company Monoprop has taken on the site, with completion to follow in a month’s time.
The sale price is £6.75 million in cash and the net proceeds will be used to partly repay the £12 million ASK Partners loan secured against the wider site.
Conygar will record a loss of £750,000 from the transaction based on the March 2025 accounts valuation of £7.5 million. For the year ended 30 September 2024, the holding company of the Virgin Active gym recorded a net loss of £67,000.
Christopher Ware, managing director of Conygar, said: “This sale represents a good piece of asset management for the team having purchased the long leasehold interest for £5.90 million in May 2024 and we look forward to progressing other areas of the site in the near future.”
