Work is about to start on a nine-storey block of flats on Plymouth’s waterfront after the developer raised £3.5m.
Regeneration specialist Sutton Harbour Group Plc (SHG) said construction will start in October 2021 on
Work was due to begin in 2020 but it was delayed by the Covid pandemic, However, SHG has finance in place and will start marketing the 14 apartments once construction begins. It expects the building to be ready by the end of 2022.
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In a statement to shareholders attending the company's annual meeting, SHG chairman Philip Beinhaker said: “Construction of the 14-apartment building, Harbour Arch Quay, is due to start next month.
“Separate development financing has now been agreed and marketing of the apartments will begin once construction starts. The building, which also accommodates 1,163sq ft of commercial space on the ground floor, will take 12 to 14 months to complete.”
In August 2021 SHG raised £3.5m from its shareholders to fund new developments at the city’s waterfront, including the Harbour Arch Quay development and at the nearby Sutton Road site where the firm is progressing plans for further skyscrapers including the 21-storey Sugar Quay Tower and two other developments of 16 and 13 floors.
These are the Sutton Road East and St John’s Bridge developments, two residential schemes split between six separate blocks, with a combined cost of £50m.
Mr Beinhaker told shareholders: “Refinement of the plans for new developments on the newly acquired 13-15 Sutton Road site has continued and it is now expected that the local authority planning committee will determine consent status early in 2022.
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“Earlier this month the group acquired a small site immediately adjacent to 13-15 Sutton Road which has allowed improvements to the original access and scheme design for the site.”
He said the SHG board was delighted when an open offer of about 14million shares was snapped up by existing shareholders, and are now being traded on the London Stock Exchange’s Alternative Investment Market (AIM).
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He told the annual meeting that: “The board was delighted with the response from a broad range of shareholders who participated in the open offer in August 2021 - £3.5m of new equity capital was raised to assist with the Harbour Arch Quay development, acquire the further Sutton Road site and improve the working capital position of the group.”
The AIM-listed company’s interim results for the six-month period to September 30, 2021, are due to be published in early December 2021.