MARINA PLAN LATEST

Developer takes full control

HOLYHEAD marina developer Conygar has confirmed an agreement with Stena Line to take full control of the £100m waterfront project.

Conygar Stena received outline planning permission in 2012 to build 326 homes, a 500-berth marina, retail, leisure, restaurants, hotel and office space on Newry Beach in Holyhead.

Conygar Investment Company was in talks about taking 100% control of the scheme and now this deal has been confirmed by the developer, according to sister paper The Daily Post.

Stena will receive just £1 from Conygar for their 50% stake - although it will also secure 20% of the profits after tax of the development once it has completed.

Stena has repaid £2.5 million to Conygar, which is Stena’s 50% share of a loan the Group made to the joint venture company.

For the year ended September 30, 2017, the joint venture company made a loss before tax of £163,762 and had net current assets of £4,372,887.

Robert Ware, chief executive of Conygar, said: “We are pleased to gain full control of this development project and, at the same time, still receive the support of Stena Line, who are keen for the project to progress.

“We and Stena see the considerable economic and social benefits the development will bring to the community of Holyhead and we look forward to delivering the project in the coming years.”

As part of the deal, 999-year leases will be granted to Stena for the platform at Soldier’s Quay, not neededed for the development, and a warehouse at Soldier’s Point, currently used by Stena.