Last checked at 16 May 2022 07:00
16 May 2022
Sutton Harbour Group plc
(the "Company")
Company Update
Trading Update
The Company is pleased to announce that trading results have continued to make a strong recovery with sustained high levels of occupancy at the marinas, now reaching capacity, and car parking revenues back to the peak trading levels of two years ago. Tenants of the waterfront property estate have weathered the disruption with occupancy maintained at over 90%.
The resilience and performance of the Company's investments and owner-occupied assets is shown in the unaudited independent valuers report as at 31 March 2022 which values the portfolio, excluding development sites, at £54.17m (a £6.85m increase on the 2021 valuation). The valuation of the owner-occupied assets (marinas, car parks and fisheries) reflects the strong trading by both the marinas and car parks operations. A summary of the updated valuation, including comparatives for 2021, can be seen in the table below:
As at 31 March 2022 | As at 31 March 2021 | Increase | |
Owner Occupied portfolio | £36.125m | £29.475m | £6.650m |
Investment Property portfolio | £18.045m | £17.845m | £0.200m |
Total Estate portfolio* | £54.170m | £47.320m | £6.850m |
*Excludes property held as development inventory
Projects
The Company started construction of Harbour Arch Quay, a 14 apartment waterfront building, in February 2022 with works now emerging from the ground. Completion is scheduled for early Spring 2023. Strong interest is being received from potential purchasers for the high specification units, all of which have direct south-west facing views over Sutton Harbour.
Revised plans for the Sugar Quay development, on the eastern side of Sutton Harbour, received unanimous approval from the local planning authority in April 2022 and pre-construction conditions are expected to be settled in the coming weeks.
The Company has embarked on consented works to the listed Old Barbican Market to convert the 7500 sq ft glazed building into three units and to improve the external public realm. These works will allow the three incoming tenants to complete fitting out and opening by late Summer 2022. (This property was vacated by Edinburgh Woollen Mill in May 2021.)
The Company expects to announce its results for the year ended 31 March 2022 in mid-July 2022.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR").
Enquiries
Sutton Harbour Group plc | +44 (0) 1752 204186 | Philip Beinhaker, Executive Chairman Corey Beinhaker, Chief Operating Officer Natasha Gadsdon, Finance Director |
Strand Hanson Limited (Nominated and Financial Adviser) | +44 (0) 20 7409 3494 | James Spinney James Dance |
Arden Partners plc (Broker) | +44 (0) 20 7614 5900 | Paul Shackleton Elliot Mustoe |
Notes to Editors
Sutton Harbour Group plc (AIM: SUH) is an AIM quoted 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 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.