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Conygar completes £3.47m purchase of Birmingham properties
Property investment and development group Conygar Investment on Monday confirmed the £3.47m purchase of five units at the Selly Oak industrial estate in Birmingham.
The units consist of 50,000 square feet and are fully let to University Hospitals Birmingham NHS Foundation Trust and Revolution Gymnastics Limited, generating income of £215,500 per annum.
Robert Ware, chief executive of Conygar, said: "We are delighted to have secured this industrial property via an off market transaction in an affluent area of Birmingham. We intend to use our asset management skills to maximise the value of the site in the near future."
The property is located in a predominantly residential area and has "strong short to medium term redevelopment prospects," according to Conygar Investments.
The AIM traded company had net assets worth £135.8m as of 30 September, with a portfolio of projects in Nottingham, Cross Hands, Ashby-de-la-Zouch, Haverfordwest, Rhosgoch, Parc Cybi.
As of 1608 BST, Conygar Investment's shares were up 1% at 151.00p.