Conygar Investment sells Nottingham gym for PS6.8 million

Conygar Investment Co PLC on Tuesday said it has exchanged contracts to sell the Virgin Active gym at the Island Quarter in Nottingham to Monoprop Ltd.

The London-based property developer said the sale price is £6.8 million in cash. The net proceeds will be used to partly repay the £12 million ASK Partners loan secured against the wider site.

Conygar said it will record a loss of £750,000 from the transaction based on the valuation of £7.5 million from the March accounts.

In the year to the end of September 2024, the holding company of the Virgin Active gym recorded a net loss of £67,000, inclusive of interest paid on the ASK Partners loan.

Completion of the sale will follow in one month’s time, Conygar said.

‘This sale represents a good piece of asset management for the team having purchased the long leasehold interest for £5.90 million in May 2024 and we look forward to progressing other areas of the site in the near future,’ said Managing Director Christopher Ware.

Shares in Conygar Investment were down 2.4% at 30.26 pence in London on Tuesday afternoon.

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