A developer, involved in a major 700-plus-housing scheme in Haverfordwest, has disposed of its site so it can concentrate on a development in Nottingham.
Conygar has been involved in the Slade Lane development since plans for 729 houses were approved in 2014, along with a commercial site.
Reserved matters for the first phase of 115 houses was approved in 2019.
Part payments of a transport contribution, sewage works contributions and footway works contribution, of around £2million have been paid to the council with other contributions linked to the occupation of the 200th dwelling.
Back in 2021, the Local Democracy Reporting Service reported that affordable housing would not have to be included in the first phase of the major development, following a successful application by developer Conygar to the county council to vary Section 106 agreements previously made during the planning process.
The variations include removing the affordable housing element of the first phase of development at Slade Lane – around 29 houses – because it was considered “commercially unviable” to include the cheaper homes.
At the 2021 meeting, Conygar said that well-known community housing group Pobl was in final negotiations to buy the whole site if variations were approved, with a high likelihood of a mix of housing being created.
On Monday, March 20, a statement was issued by Conygar:
“The Conygar Investment Company PLC, the property investment and development group, announces that, on March 17, it exchanged contracts on an unconditional basis to dispose of its development site at Haverfordwest, Pembrokeshire to The Welsh Ministers and POBL Homes and Communities Limited for aggregate gross proceeds of £9.65 million.
“The development site has outline consent for 729 residential units and 90,000 square feet of implemented A1 retail.
“Completion of the sale is contracted to occur today, March 24 for net cash proceeds, after sale costs, of £9.55 million, resulting in a profit over carrying value of £0.2 million.
“The net proceeds are to be utilised primarily in the further progression of the Group’s mixed-use development at The Island Quarter, Nottingham (‘TIQ’).”
Freddie Jones, director of Conygar said:“We are delighted to have agreed the sale of Haverfordwest, as part of our plan to focus our resources on those areas where we expect to see the greatest returns for our shareholders.”