The Conygar Investment Company PLC, the property investment development group, has acquired from Sainsbury’s Supermarkets Limited a 9.96 acre freehold serviced development site at Cross Hands, South Wales, which has the benefit of a detailed planning consent for a 90,792 gross sq. ft. food store with a 6 pump Petrol Filling Station and 495 car parking spaces.
The site is located in a prominent location with frontage to the A48 (M) – the continuation of the M4 motorway some 16 miles west of Swansea and forms part of a wider comprehensive re-development area of approximately 50 acres which includes a residential development of 240 new homes.
Robert Ware, CEO of Conygar commented: “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.
“We have already identified occupier demand for a mixed retail scheme which we will now pursue and work towards submitting a revised planning application as soon as possible.”
Fletcher Morgan acted for Sainsbury’s Supermarkets on the deal.