Conygar Investment buys development site in South Wales

2nd Oct 2015 15:20

(ShareCast News) - The Conygar Investment Company has acquired a 9.96 acre freehold serviced development site at Cross Hands in south Wales from Sainsbury's Supermarkets for an undisclosed sum.The property investment development group said the site has the benefit of a detailed planning consent for a 90,792 sq ft food store with a six-pump petrol filling station and 495 car parking spaces.Chief executive officer Robert Ware said: "We are well aware of the constraints and the time it takes in the current planning framework in order to gain consents of this size and then to put in place all the necessary enabling infrastructure so to acquire as it were an 'oven ready' development site is we believe an attractive proposition."The company said it has already identified occupier demand for a mixed retail scheme which it will now pursue and work towards submitting a revised planning application as soon as possible.Conygar shares were flat at 166.50p at 1525 BST.