Conygar pulls out of £100m Pembroke Dock marina plans
An investment company has pulled out of a £100m waterfront development in Pembrokeshire.
Conygar's annual report, released on Wednesday, said it had decided to withdraw from the Martello Quays scheme in Pembroke Dock and write off its £4.8m investment.
The original £8m estimate of constructing the marina had risen to over £17m, which made it "not viable".
Conygar said it was a "difficult" but "necessary" decision.
Planning permission was granted in 2008.
It included consent for pontoons with up to 260 berths, 450 houses and apartments, a hotel, cinema, gallery, pub and restaurants.
The report said: "Having commissioned a detailed feasibility study, the results unfortunately concluded that the cost of constructing the marina would be considerably greater than our first investigation showed."
Conygar was appointed as the developer by a client group made up of Pembrokeshire council, the Welsh Government, the Crown Estate and Milford Haven Port Authority.
Its contract was dependent on the marina being built by 2022.
Conygar said the land-based element at Pembroke Dock was still viable, and "substantial retailers" had been attracted which would "improve the environment and create considerable employment."
But an attempt to separate the land development from the marina was refused which led to the decision to write off the total investment.
A joint statement from Conygar chairman Nigel Hamway and chief executive Robert Ware said: "This was a difficult decision but we felt that it was necessary given the problems we have faced at this site over the past year."
Pembroke Dock county councillor Brian Hall said the development would have been a "huge asset" for the town, but he understood it was no longer viable for Conygar.
He said major companies had shown interest in coming, which would have created 600 full and part-time jobs.
"It would have led to a massive increase in footfall which would help assist the small businesses, as well as major road and sewage improvements," he said.
Mr Hall remains optimistic that the development will happen one day.
"We'll just keep plugging away for Pembroke Dock," he said.