Conygar has announced a share placing to fund part of the next phase of the 36-acre Island Quarter site in Nottingham.
The company has revealed its intention to conduct a placing of 6.7 million new Ordinary Shares (Placing Shares) at a price of 150 pence per share, raising gross proceeds of £10 million.
Potential uses for the proceeds, all of which will assist with progressing The Island Quarter, include funding the completion of the construction for the first phase of the scheme, bringing a new electricity substation to the site, funding the equity component of the student accommodation scheme and potentially progressing the design and planning for an office scheme.
The company has said it is in discussions with a number of businesses for office space totalling 250,000 sq ft.
Robert Ware, CEO of Conygar, said: “The Placing we are announcing today is to fund part of the next phase of the exciting 36 acre Island Quarter site in Nottingham. There are a number of potential uses for the proceeds, including bringing a new electricity substation to the site, funding the equity component of the student accommodation scheme and potentially progressing the design and planning for an office scheme.
“Significant progress has already been made on The Island Quarter, with planning permission granted for over two million square feet to include new homes, grade A office space, a creative market, a lifestyle hotel, retail units, student accommodation and associated public realm.”
Since acquiring The Island Quarter in 2016, Conygar has submitted three detailed planning applications for the early phase developments. Two of these have subsequently been granted with the third, which includes two hotels, residential apartments and co-working space, expected to be considered by the planning committee in early 2022.
The detailed applications granted to date have enabled the company to commence the construction of the first phase, which includes a 21,500 sq ft food and beverage-led building, planned for completion by late spring 2022, and to initiate the on-site preliminary groundworks for a 700-bed student accommodation scheme.
