(Alliance News) - Sutton Harbour Group PLC on Wednesday said that it has made a pre-submission planning application in connection with the development of the former Plymouth City Airport site.
According to the Plymouth, England-based waterfront regeneration company, its wholly-owned subsidiary, Plymouth City Airport Ltd, holds a long lease over the airport.
Sutton Harbour's plan incorporates three phases of development. The first, it explained, will see the delivery of 345 new homes and a new link road bordering the airport site.
Phase two will propose institutional, business and housing developments on other areas of the site, while phase three sets out alternative uses for the remainder of the site, in case there is no financially viable general aviation operation.
Also in its announcement, Sutton Harbour said it continues to take legal advice, following a letter from Plymouth City Council alleging a breach of the FAS lease. It will provide an update on this "in due course".
Sutton Harbour Group shares were untraded at 10.80 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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Sutton Harbour Holdings (SUH)