Sutton Harbour Holdings PLC Joint Local Plan Report (5893T)

TIDMSUH

RNS Number : 5893T

Sutton Harbour Holdings PLC

21 March 2019

Sutton Harbour Holdings plc

("Sutton Harbour" or the "Company")

Joint Local Plan Report

The Company notes the release of the Inspectors' Final Report on the Examination of the Plymouth and South West Devon Joint Local Plan (the "Final Report") on 19 March 2019. The Company welcomes the report and is carefully considering the implications for the Sutton Harbour area and for the former airport site in north Plymouth in which the Company has an interest, in part as Ownership in Title, and in the majority in a long term lease with 135 years remaining and a right of renewal for a further 150 years.

Philip Beinhaker, Executive Chairman of Sutton Harbour Holdings plc commented:

"We are encouraged that the report supports development projects which have been approved over the past year in Sutton Harbour, including Sugar Quay, Harbour Arch Quay, Harbour Car Park extension and the Boardwalk.

Sutton Harbour is also working jointly with Plymouth City Council for the realisation of the plans for the Mayflower 400 anniversary, including the hosting of the majority of the yachts for the international Transat yacht race.

With regards to the Former Airport Site, we note the report provides for the reservation over the next five years as a possible reuse as a site for General Aviation. We also note that the inspectors identified a number of challenges in the development and operation of such a General Aviation airport on this site, and called for a viable, detailed business plan to be presented (refer to Item 165 of the Final Report).

The report also delineates the logic of the limitation of the reserve to five years, saying: 'A longer safeguarding period could risk the site being left vacant and unused for much longer than it already has. This would not be appropriate.'

The Company hopes to work closely with Plymouth City Council during the five year safeguarding period to jointly prepare a plan for the development of this key site.

This will enable Plymouth as the Local Authority to realise social and economic value from this currently unused site, in the event that a detailed business plan for General Aviation is not realised. Sutton Harbour Holdings plc has previously prepared a preliminary development plan for the former airport site. The Company looks forward to productive discussions with Plymouth City Council to further explore the business arrangements for the lands and the realization of the potential uses for the lands."

Enquiries

 
 Sutton Harbour Holdings plc         [phone]   Philip Beinhaker, Executive Chairman 
                                                            Natasha Gadsdon, Finance Director 
 Arden Partners (NOMAD and Broker)   [phone]   Paul Shackleton, Ben Cryer 
 

Notes to Editors

Sutton Harbour Holdings plc (SUH) is an AIM listed company specialising in marine operations, waterfront regeneration and destination creation in Plymouth and South West England.

The Company operates Sutton Harbour Marina, King Point Marina and Plymouth Fisheries. Operational activities include mixed-use lettings, car parking and support services to harbour users, property management and regeneration and asset enhancement.

Sutton Harbour Holdings plc is committed to being the leading marine and waterfront regeneration specialist in Southern England, and to positioning Sutton Harbour in Plymouth as a destination of national interest.

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.

END

MSCSEDFSFFUSEDD

(END) Dow Jones Newswires

March 21, 2019 06:36 ET (10:36 GMT)