De­vel­oper takes full con­trol

Bangor Mail - - FRONT PAGE - An artist’s im­pres­sion of the Newry Beach ma­rina project in Holy­head OWEN HUGHES

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.

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