30th Jul 2014 10:18
LONDON (Alliance News) - Property investors The Conygar Investment Company PLC Wednesday said it has acquired a multi-let freehold industrial site in North Wales for GBP2.8 million.
The company did not name the sellers, but said that the property is currently part-let to three tenants with a passing rent of GBP106,942 a year, which should increase to GBP1266,942, once two lettings currently in advanced negotiation are completed.
Conygar said Mochdre Commerce Park which has suffered from under-investment in recent times, offers excellent asset management and development opportunities with which to add significant value.
The park comprises approximately 22 acres and 191,000 square feet of modern industrial space and is strategically located adjoining the A55 expressway midway between Holyhead and Chester.
Conygar said it will look to invest in updating and refurbishing the various vacant units and potentially developing additional units.
Conygar Investment shares were quoted down 0.9% at 166.00 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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