Last checked at 5 Sep 2012 12:00
5 September 2012
Sutton Harbour Holdings plc (the "Company")
Annual General Meeting Statement
I am pleased to report that the Company is continuing to make progress in its areas of core competence, being marine operations, real estate management and the regeneration of waterfront destinations.
Since the year end the Company has already reported that it has completed the disposal of its investment in Express LIFT, the public private venture to procure healthcare facilities in Cumbria. The link road and associated infrastructure works at the former Plymouth airport site have been completed with conditions met to enable receipt of the final consideration from the residential developer of the surplus land.
We also announced that we signed the agreement for lease for the King Point marina site in the Millbay area of Plymouth. Construction of the marina pontoons and the clubhouse is due to commence soon, with an expected build time of six months. As part of our plans to expand the Company's profile and potential customer base, we will be marketing the new berths for the next sailing season at the forthcoming Southampton Boatshow.
Following closure of the local airport last December, we are working on achieving best value for the site, in accordance with the terms of our lease with Plymouth City Council. As part of the Company's initiative to promote the site, we have recently submitted our plan to the local planning authority as part of the planning policy formulation for this important urban area.
The Company's trading activities have performed steadily in the first few months of the year. The fish market has consolidated its market position with landings of fish again up on the same period last year. We are experiencing increased berth-holder turnover at the marinas and efforts to secure new customers are being supplemented by our ability to attract visitors to our excellent facilities. After two very disruptive years caused by local road works, trading at the car parks is showing significant improvement.
Notwithstanding the difficult economic climate and the prevailing property market conditions, we see significant potential to create value at Sutton Harbour by linking existing attractions with an improved harbour perimeter walkway and with new infill uses. The Company holds a number of underused sites in the area which are designated for development. The management team have been busy preparing for the next phase of the Company's development and we are looking forward to progressing various exciting new projects in this financial year.
Enquiries:
Sutton Harbour Holdings plc
Jason Schofield - Chief Executive
Natasha Gadsdon - Finance Director
01752 204186
Arden Partners plc
Richard Day
Jamie Cameron
0207 614 5917
Newgate Threadneedle Communications
Graham Herring
Terry Garrett
020 7653 9850