Work is due to start on a multi-million-pound block of waterfront flats in Plymouth before the end of 2019 – with another even bigger £60million tower due to follow next year.
Sutton Harbour Group Plc (SHG) has unveiled ambitious plans for the stretch of waterfront property it owns in Plymouth, including the two huge skyscrapers, a waterside boardwalk and floating pontoons on which live gigs and film festivals could be staged.
The AIM-listed company said it wants to start work on the nine-storey Harbour Arch Quay apartment block, at Sutton Harbour, in late 2019, with all 14 apartments being marketed off-plan.
The building could be completed in just over a year, but SHG is also keen to start work on the larger Sugar Quay scheme in the first three months of 2020.
That building will be 20 floors high, making it one of the tallest towers in Plymouth. In 2018 SHG raised £3million from shareholders to kick-start development of the two towers, which will be only a few metres apart, either side of the existing Salt Quay House, also owned by SHG.
Sugar Quay is planned to be built by late 2022, the firm said, and would include 170 apartments.
Meanwhile, the SHG is pressing ahead with work to upgrade its Plymouth Fisheries site, near to where the flats will be built and is also looking at placing two floating pontoons in the water.
The ups and downs of SHG's finances during the past decade
This is how Sutton Harbour Group Plc has performed during the past nine years:
2019 - PROFIT: £72,000
2018 – LOSS: £136,000
2017 – PROFIT: £331,000
2016 – PROFIT: £410,000
2015 – PROFIT: £347,000
2014 – PROFIT: £308,000
2013 – LOSS: £3.679million
2012 – PROFIT: £1.68million
2011 – PROFIT: £2.61million
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A planning application has been submitted to Plymouth City Council for consent to install two large event pontoons and a waterside pedestrian walkway linking Vauxhall Quay with Guys Quay.
The pontoons could be used to host events such as live music concerts, film festivals and exercise classes or yoga, and even live big-screen showings of major sporting events.
Similar pontoons have been installed at the famous St Katharine Docks in London and were used for a floating film festival this year, with audiences enjoying blockbusters while sitting in deck chairs under a canopy.
It is hoped the applications will be progressed in time for the pontoons to be installed ahead of the Mayflower 400 commemorations in 2020, the company said.
A statement from SHG to the Stock Exchange said: “During the summer months the company has made good progress with pre-construction preparations for two consented developments at Sutton Harbour.
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“Financing of the smaller Harbour Arch Quay building has been arranged and construction is expected to start before the end of the calendar year, along with the launching of the marketing of the 14 apartments. The building should take just over a year to complete.
“The larger Sugar Quay scheme is proceeding to construction drawings, bidding by construction contractors and scheme financing, with an anticipated start in Q1 of 2020 of the approximate 30 month build programme.”
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The statement added: “The company continues to upgrade its existing capital infrastructure and works are currently underway to construct a new fuel delivery system at Plymouth Fisheries. This capital investment of approximately £800,000 has qualified for 50% grant funding.
“To improve public access and events space at Sutton Harbour Marina, in addition to creating additional larger berths in time for the summer of 2020, marine licensing applications have been submitted to enable the installation of some new additional pontoons.”
Meanwhile, SHG has said that a two-storey Harbour Car Park extension, which will accommodate a further 114 parking spaces, is also due to start late 2019, with the additional parking to be available for use in summer 2020.