A developer has "written down" the value of land at Holyhead waterfront as the project is impacted by planning delays and rising construction costs. Plans for the £100m transformation of Holyhead waterfront were submitted in October 2021 by Conygar Holyhead Limited.

The proposed development includes a 250-berth marina, 259 townhouses and apartments, marine commercial and additional A1/A3 retail units on the waterfront, together with substantial areas of improved public realm, and an amphitheatre and covered arcade for open-air events.

Conygar previously valued the asset at just over £5m - down from £10m in 2020. But they've now devalued it by another £5m to fully write down the value of the asset.

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The company blamed delays with securing planning as well as the huge spike in construction costs in recent years. They did though insist they were not withdrawing from the project and will still progress with the development.

In their company results, they said: "The Company owns a further site in Anglesey at Holyhead Waterfront where we continue to await the determination of our detailed application for 259 townhouses and apartments, a 250 berth marina and associated marine commercial and retail units. We have fully written down the value of Holyhead Waterfront at 30 September 2023 as a result of the combined impact from planning delays, increased finance costs and construction cost price inflation particularly associated with the marine infrastructure works. These factors have detrimentally affected the residual value of the proposed development as has occurred during recent years across many sites in the UK."

The company added that its 203 acre brownfield site at Rhosgoch retained its valuation of £2.8m and they also own land valued at £380,000 at Parc Cybi, in Holyhead. They said these had been boosted by Anglesey Freeport status as one of the two newly established freeports in Wales.

In total Conygar's net asset value decreased in the year by £29.5 million to £95.1 million at 30 September 2023.

Robert Ware, chief executive said: "We are acutely aware of the impact that continuing economic and political uncertainty is having on the real estate sector and intend to maintain a disciplined approach to both our cash commitments and financial leverage to ensure our balance sheet remains robust. Our results for the year are reflective of the currently subdued market.

"However, fundamentals for the private built student accommodation, build to rent and life science sectors, remain strong, with supply shortages likely to support improved future pricing. The value from our development projects will be created over the medium-term."