Property sales the cream on the cake
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PROPERTY sales, formerly vital to the NFC's profits, are now merely the cream on the cake, says Sir Peter. The company is no property speculator but the Property Group, headed by David White, is making useful contributions to profits by development schemes and project management.
At Colwyn Bay, planning permission has been granted for the transformation of the old National Carriers depot into a supermarket complex and an anchor tenant is being sought. Sir Peter told me that no development of this kind would be undertaken in the absence of such a tenant.
It is not the consortium's policy at present to acquire non-transport property for development, but it loses no opportunity of making money out of surplus accommodation. The current-use value of NFC property is £100m and may be expected to grow substantially.