Property developer Conygar has finally received formal planning consent for its project to revive the waterfront at Holyhead, the port town on the island of Anglesey in Wales. The ambitious plan - a joint venture with Stena Line, the ferry company that operates the service from Holyhead to Dublin - will eventually involve the construction of 252 flats, 74 houses, a 500-birth marina, a hotel, eight shops or restaurants, a museum and sailing centre.
Armed with the consent document from the local council, Conygar can now sell or lease the various plots to housebuilders, retail chains and other interested parties, crystallising its development profit. Until it does sell up, however, no valuation uplift will be recorded in the group's books; unlike many developers, Conygar accounts for its projects at cost.
