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Bargain Shares: On the property beat

A property development group’s land on Anglesey could be gold dust if the UK government proceeds with nuclear power expansion, while development of its flagship scheme in Nottingham is enhancing value, too
May 10, 2022
  • Net asset value per share of 212p at 31 March 2022
  • Net cash of £30.7mn accounts for 25 per cent of NAV of £126.5mn
  • Planning permission expected imminently on hotel and build to rent element of Island Quarter scheme

Aim-traded property development and investment group Conygar (CIC:144p) continues to enhance the value of its flagship 36-acre Island Quarter site in Nottingham.

Later in the summer, the food, beverage and events venue at Canal Turn will open, and development work will commence on a 702-bed purpose built student accommodation (PBSA) scheme on one acre of the site. Chief executive Robert Ware says the group already has funding offers from lenders to cover all or part of the £59mn cost of the development work. The scheme should be worth £88mn-£95mn based on rental income of £5.7mn, so there is a hefty profit to be made.

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