Conygar granted planning permission for Nottingham student property
By Benjamin Chiou
Date: Thursday 19 Dec 2024
(Sharecast News) - The share price of Conygar Investment Company continued its recent slide on Thursday despite the property company being granted planning permission for a 383-bed student accommodation development in Nottingham.
AIM-listed Conygar, which owns the 36-acre Island Quarter site in Nottingham, said Nottingham City Council has given the green light for the next phase of development.
"We are delighted that the council are supportive of our next phase of development. Nottingham is home to two top class Universities and this scheme will be an excellent addition to the mixed-use development we are creating at The Island Quarter," said managing director Christopher Ware.
Shares were down 4.2% at 46p by 1100 GMT, extending losses made earlier in the week after Conygar reported its annual results, which showed a 36% slump in net asset value over the 12 months to 30 September to £61.1m.
The company, which also owns a business park and mixed-use waterfront scheme in Anglesey, said the drop was a result of a £28.3m write-down in the carrying value of its properties.
The stock now stands 20% lower than it did last week, extending the year-to-date loss to nearly 50%.
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