Real estate investment group Conygar Investment Company (LON:CIC) has exchanged contracts with supermarket group J Sainsbury (LON:SBRY) for the sale of nine acres for a new store on its 93 acre development site at Haverfordwest, Pembrokeshire, subject to the obtaining of a suitable planning consent. Conygar intends to submit a planning application early next year for a retail food store comprising 60,000 square feet of sales floor space, restaurant, 500 space car park and filling station. The planned application will also include design proposals for approximately 800 residential plots on the site including much needed affordable housing.
Conygar said it believed that the potential arrival of Sainsbury’s, as a quality food retailer, would widen the offer in the locality. An exhibition of the joint proposal will be held on the 18th and 19th November 2011 to gain input from local people which could be included in the application.
Robert Ware, the chief executive of Conygar, said: “We are delighted to be working with Sainsbury's to present these plans for Haverfordwest. We believe that the proposal for housing and the Sainsbury's store can work well together and should bring considerable benefits for the community.”
Conygar purchased the Haverfordwest development site in November 2010 for £14 million. The land lies close to the town centre and originally had outline planning consent for 900 residential units. In an interview with Stockopedia in June this year, Robert Ware said the company had seen an opportunity for good returns from the project over the medium term in anticipation of house builders returning to the market to buy up land inventories.
Last month Conygar said it was preparing to submit a planning application to Pembrokeshire County Council for a mixed-use marina development at Goodwick, Fishguard in West Wales. Together with the current port operator Stena Line Ports Ltd, Conygar is proposing a major development of the waterside project, including a marina, residential and retail developments and an extension to the existing Stena Line port facilities.
Filed Under: Real Estate Holding & Development,