Island Quarter owner slips to £3.8m loss

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Conygar, the owner and developer of the huge Island Quarter site in Nottingham, has made a loss of almost £4m for the six months ending March 31.

The firm is putting the deficit down to operational, debt financing and administrative cost and writing down of £1.4m in costs in connection with its proposed residential development at the Fruitmarket site in the St Philip’s Marsh area of Bristol.

Conygar says its 693-bed student accommodation site at The Island Quarter will complete as planned and on budged before the end of June, with lettings “progressing well”.

A planning application was submitted in February for the second phase of student accommodation, comprising a 383-bed scheme to sit next to the first phase.

The company said that revenues are “increasing steadily”

 link source - The Business Desk

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