SUTTON HARBOUR HOLDINGS PLC
13 October 1999
PLYMOUTH CITY COUNCIL AND SUTTON HARBOUR TO SIGN DEVELOPMENT PARTNERSHIP
DEAL
Signing Ceremony and formal announcement: Wednesday October 13th
A development partnership which has secured over £41m worth of investment in
Plymouth's historic Barbican and the adjoining Coxside and Sutton Harbour
areas is to be strengthened today by the signing of a formal agreement between
Plymouth City Council and Sutton Harbour Holdings plc.
The successful, but informal relationship which has existed for many years
between the council and the company has resulted in an impressive list of
achievements including: the fish market, lock gates and bridge, Dartington
Glass, North Quay House, the National Marine Aquarium, Coxside Car Park,
Lockyers Quay public house and the Travel Lodge Hotel plus a wide range of
environmental improvements such as new street furniture, street signs and
public art projects.
The new partnership is being established to develop a series of further
initiatives including the new Plymouth Barbican Centre, improvements to
Phoenix Wharf and Elphinstone and the regeneration of Moon Street and
Commercial Wharf.
The benefits of the new arrangement which will initially run for three years,
include a commitment by both parties to bring forward more quality development
around Sutton Harbour, which could include the acquisition of new sites not in
the ownership of the partners. The Sutton Harbour Group will be the preferred
partner on all the development sites and the city council will also put into
the equation its planning, project and funding expertise to ensure the
regeneration of this important area continues into the next century.
In a letter sent to shareholders today, Chairman Ellen Winser said:
'I promised to let you know of further developments as soon as I could.
Plymouth City Council has today issued the enclosed announcement.
As you can see, Sutton Harbour Holdings plc has entered into a unique
partnership with Plymouth City Council to develop land and buildings in and
around Sutton Harbour. The terms of the partnership involve harnessing your
company's proven skills in regeneration and development with the considerable
portfolio of property belonging to the City Council. The company is entitled
to management fees and a share of the development gain. The opportunities for
your company to enhance profitability from these additional developments is
considerable though it will, as you might imagine, take quite a while for the
full benefits to flow through. In addition, these extra developments will,
when completed, further enhance the value of property around the harbour, much
of which belongs to your company. Each individual development is to be
assessed separately. In this way, the risks to your company have been
significantly reduced without, in your Board's opinion, impairing the profit
potential for your company.
We intend to publish our interim figures for the six months ended 30th
September before the end of November when I will have more to say about our
progress in the first half of the current year.
For further information please contact:
Ian Blackhouse, Plymouth City Council Press Officer: Tel: 01752 264913
Ken Rees, Winningtons: Tel: 0117 930 8839
Mobile: 0802 466567
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