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Property developer Conygar, which is looking to acquire the site of Bristol’s wholesale fruit market, has said it is hoping to make further announcements on its plans by April.
A joint venture between Conygar and Urban and City Ltd – of which Conygar has an 80% stake, entered into a conditional contract with Wholesale Fruit Centre (Bristol) Limited to acquire the 14.7 acre site at St Philips Marsh earlier this year. As part of the deal, Conygar Bristol Limited paid an initial deposit of £450,000.
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Announcing the possible purchase in April, Conygar said the conditional contract would expire at the end of March in the event that a planning application had not been made for the development of the site, located around one mile east of Bristol Temple Meads railway station.
Conygar previously said it had been engaged in “meaningful” talks with Bristol Rovers Football Club, with the League One club previously interested in a potential move to a new stadium at the site. Rovers’ new ownership publicly ruled out the idea in October, and said it would look to redevelop its current home ground the Memorial Stadium instead.
In an update to investors on Tuesday (November 21), Conygar said that, as well as planning permission for its future plans to be approved, all current tenants at the Fruit Market were required to have surrendered their leases and the market licence for the site had to be terminated, by April 2024, in order for the acquisition to be completed.
London-based Conygar said the contract was capable of termination if the vacant possession condition had not been satisfied or waived by April 6, or if the vacant possession and planning permission conditions had not both been satisfied by April 6 2028.
Bosses at the AIM-listed firm said it would look to use share placing and loan proceeds to progres its planning application for the Bristol project and said they hoped to provide updates “over the next financial year”.
The board added that in order to progress its pipeline of development projects, the company would need to raise “substantial amounts” either as debt, through asset sales, or from joint ventures, and added that it was “in discussions”.
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