Sunday, January 17, 2021

Size of Island Quarter scheme sees Conygar consider funding options

Conygar, which is behind the redevelopment of Nottingham’s Island Quarter, has said it will need to seek either debt funding, joint venture partners, or sell assets to take best advantage of the opportunities presented by the development.

In a statement to the London Stock Exchange the firm noted that this is due to the size of the Island Quarter development.

In September Conygar was granted permission for the first phase of the 40 acre mixed use development, including a 20,000 square foot waterfront pavilion featuring restaurants, events space and a rooftop terrace. The plans also feature provision for a bandstand and an area of new public realm.

The company’s statement added: “Given the current COVID-19 situation there is material uncertainty as to the value which would be created by undertaking this phase of the development. However, it will help to enable the development of the remainder of the site. We have also made good progress with the design of subsequent phases of the development and hope to submit further applications over the coming year.

“It is important to start this development now, even in the current environment, because it is an essential ‘pump primer’ for the rest of the site; necessary to achieve the longer term benefits for the project.”

The group acquired the 40 acre Island Quarter site in Nottingham city centre in December 2016 for £13.5 million. The mixed-use development comprises new homes, grade A office space, creative market, a lifestyle hotel, retail units, student accommodation and a linear park.

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