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Last checked at 
24 Nov 2011 07:00
24 November 2011
Sutton Harbour Holdings plc (the "Company" and "the Group")
Property Disposals
The Company reports that it has completed the sale of the 4th tranche of surplus land at its Plymouth Airport site. £1m has been received upon completion and a further £1.3m is receivable early in the New Year. This sale follows previous sales of surplus airport land in June 2009, December 2009 and December 2010 and represents the final element of this phased land disposal deal .The Group continues to own the long leasehold of 104 acres of airport land, with the airport scheduled to close on 23 December 2011, as previously reported.
The Group will review plans for the remaining airport site post closure, working with the freeholder, Plymouth City Council, to obtain best value for the site through alternative use. As anticipated, construction of a link road is underway to serve the remaining site and also the developments on the surplus land already sold, which is due for completion early next year.
The Company also reports that exchange of contracts for the disposal of an investment property in Exeter has taken place , with completion of the sale for £400,000 expected in December 2011. This investment asset was identified by the board for sale as it is remote from the core Sutton Harbour waterfront estate with proceeds to be invested into other near term projects.
The Company expects to announce interim results for the six month period ended 30 September 2011 on 8 December 2011.
For further information, please contact:
Sutton Harbour Holdings plc
Jason Schofield - Acting Chief Executive
Natasha Gadsdon - Finance Director
01752 204186
Arden Partners plc
Richard Day
Steve Douglas
Jamie Cameron
0207 614 5917
Threadneedle Communications
Graham Herring
Terry Garrett
020 7653 9850
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