REG - Sutton Harbour Grp - Former Plymouth City Airport Update

Sutton HarbourAnnouncement

27/03/2024 07:00

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RNS Number : 3929I  Sutton Harbour Group PLC  27 March 2024

 

27 March 2024

 

Sutton Harbour Group plc

("Sutton Harbour" or the "Company")

 

 Former Plymouth City Airport Update

 

Further to the Company's announcement on 2 February 2024, the Company
announces that it has made a Pre-Submission Planning Application to the Local
Planning Authority in connection with the development of the former Plymouth
City Airport site ("FAS") over which Plymouth City Airport Limited, a
wholly-owned subsidiary of the Company, holds a long lease.

 

As previously notified, the masterplan will set out three phases of
development. Phase 1 comprised the delivery of 345 new homes and a new link
road bordering the airport site. Phase 2 (over the next three to five years)
will continue to preserve the main runway at the former airport site, and will
propose development for institutional, business and housing development on
other areas of the site. This approach will allow further time of 5 years for
a potential financially viable general aviation proposition to materialise.
Phase 3 sets out alternative use of the remainder of the site in the absence
of a financially viable general aviation operation and includes development of
the runway area.  Phases 2 and 3 will include an additional mix of uses
including a range of social and market housing types.

 

 

The Company also notes that, further to its announcement of 9 February 2024,
it continues to take legal advice following a letter received from Plymouth
City Council alleging breach of the FAS lease. The Company will provide an
update on this matter in due course.

 

 

For further information, please contact:

 

 Sutton Harbour Group plc                         +44 (0) 1752 20 4186  Philip Beinhaker, Executive Chairman

                                                                        Corey Beinhaker, Chief Operating Officer

                                                                        Natasha Gadsdon, Finance Director
 Strand Hanson Limited                            +44 (0) 20 7409 3494  James Dance

 (Nominated & Financial Adviser and Broker)                             Richard Johnson

 

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