Sutton Harbour Group PLC Former Plymouth City Airport Update

RNS Number : 3929I

Sutton Harbour Group PLC

27 March 2024

 

 

27 March 2024       

 

Sutton Harbour Group plc

("Sutton Harbour" or the "Company")

 

 Former Plymouth City Airport Update

 

Further to the Company's announcement on 2 February 2024, the Company announces that it has made a Pre-Submission Planning Application to the Local Planning Authority in connection with the development of the former Plymouth City Airport site ("FAS") over which Plymouth City Airport Limited, a wholly-owned subsidiary of the Company, holds a long lease.

 

As previously notified, the masterplan will set out three phases of development. Phase 1 comprised the delivery of 345 new homes and a new link road bordering the airport site. Phase 2 (over the next three to five years) will continue to preserve the main runway at the former airport site, and will propose development for institutional, business and housing development on other areas of the site. This approach will allow further time of 5 years for a potential financially viable general aviation proposition to materialise. Phase 3 sets out alternative use of the remainder of the site in the absence of a financially viable general aviation operation and includes development of the runway area.  Phases 2 and 3 will include an additional mix of uses including a range of social and market housing types.

 

 

The Company also notes that, further to its announcement of 9 February 2024, it continues to take legal advice following a letter received from Plymouth City Council alleging breach of the FAS lease. The Company will provide an update on this matter in due course.

 

 

For further information, please contact:

 

Sutton Harbour Group plc	[phone]	Philip Beinhaker, Executive Chairman Corey Beinhaker, Chief Operating Officer Natasha Gadsdon, Finance Director
Strand Hanson Limited (Nominated & Financial Adviser and Broker)	[phone]	James Dance Richard Johnson

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

UPDFLFVRVTIRFIS