Sutton Harbour Group PLC Site Acquisition (3648J)
December 21 2020 - 5:18AM
UK Regulatory
TIDMSUH
RNS Number : 3648J
Sutton Harbour Group PLC
21 December 2020
21 December 2020
Sutton Harbour Group plc (the "Company")
Site Acquisition
The Company has completed the freehold purchase of a site of
approximately 1.5 acres at market value immediately to the east of
Sutton Harbour. Financing by way of a new loan with a private
funder has been secured with a first charge on the purchased site,
a first charge against another freehold site owned by Sutton
Harbour, and with the Company's banker maintaining a second charge
on that other freehold site.
The Company has submitted formal planning applications for two
new residential-led developments, which will the kickstart the
long-held aspiration of the Local Authority for the regeneration of
the area immediately to the east of Sutton Harbour, bounded by
Sutton Road on the west, Gdynia Way on the east, Exeter Street on
the north and the Barbican Approach on the south. These two new
developments include over 200 housing units, retail and live-work
space and parking in two complexes; one adjacent to St. John's
Bridge and the second on the east side of Sutton Road. The first
development, adjacent to St. John's Bridge, will include a new
east-west public walkway which will allow pedestrian connectivity
from the east side of Sutton Harbour at Sugar Quay through the new
developments to St. John's Bridge, providing a direct linkage
to/from the residential communities further east.
In addition, the Company has submitted an application to modify
the approved development of the Sugar Quay site on the eastern side
of Sutton Harbour with 170 luxury flats and over 2,000 sq. metres
of waterfront retail space, providing for the accommodation of the
necessary parking related to Sugar Quay in the St John's Bridge
development.
These formal applications follow months of extensive work
including detailed design, thorough discussions with the PCC
officers in the Planning and other Departments, other relevant
public bodies, and public consultation. Subject to planning consent
and construction finance, the build programme could start within a
year of consent, to enhance the available housing supply,
contribute to the restart of the local economy and achieve the
long-held planning objectives.
Additionally, the Company received planning consent last week
for the installation of "event pontoons" within Sutton Harbour. The
moveable pontoons will be available for events on the water in
Sutton Harbour for the entertainment and active participation of
local residents and visitors to Plymouth.
For further information, please contact
Sutton Harbour Group plc
Philip Beinhaker - Executive
Chairman
Corey Beinhaker - Chief Operating
Officer
Natasha Gadsdon - Finance Director 01752 204186
Arden Partners (Nomad and Broker)
Paul Shackleton
Benjamin Cryer 020 7614 5924
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END
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