Conygar Investment Co PLC on Thursday that Conygar Bristol Ltd, its joint-venture with Urban & City Ltd on a 80:20 ownership basis, has acquired an option for £450,000 from Wholesale Bristol Fruit Market Ltd to acquire land at St Philips Marsh, Bristol.

The London-based property investor and developer said the land is where Wholesale Bristol Fruit Market’s market is currently located to the east of Bristol Temple Meads railway station.

The site comprises 14.7 acres, Conygar Investment said, while the consideration will be funded from existing cash resources.

It noted the acquisition is subject to the receipt of planning permission for a number of development options.

The conditional contract expires on March 31, 2024 in the event that a planning application has not been made by Conygar Bristol Ltd for the development of the site.

In late March, Conygar Investment completed the disposal of a development in Haverfordwest, Wales for £9.6 million.

Also in March, it noted the success of the Anglesey Freeport bid consortium in securing freeport status for Anglesey from the UK and Welsh governments.

Shares in Conygar Investment were up 0.4% to 124.50 pence each in London on Thursday afternoon.

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