Conygar forward sells Parc Cybi Premier Inn
Property group Conygar Investment Company today announced it has agreed to forward sell its 80-bedroom hotel at Parc Cybi in Anglesey to IM Properties.
The hotel, located on the outskirts of Holyhead, is currently under construction and is expected to complete at the end of January 2019.
Once built the hotel will be subject to a 25-year lease with Premier Inn Hotels, who exchanged an agreement with Conygar last July. Planning permission for the hotel with restaurant, bar and car parking for 84 vehicles was granted by Ynys Mon County Council in November.
Under the terms of the deal, Conygar is set to receive net proceeds of £6.9m, representing a net initial yield of 4.7%.
Robert Ware, chief executive of Conygar, said the "very competitive" price tag reflected the "strong appetite we are seeing for properties benefitting from long-term income, let to high-quality occupiers".
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