Plymouth’s Sutton Harbour Group has secured the sale of an an apartment at its Harbour Arch Quay development.
The AIM-listed company, which owns a large swathe of Plymouth’s waterfront and its former airport site, is regenerating the site, which will consist of 14 apartments. Harbour Arch Quay is the first new building to be developed by the company at Sutton Harbour since 2009.
Sutton Harbour Group announced on the London Stock Exchange that it had sold the apartment for £475,000 to Beinhaker Design Services. The sale price was agreed at the original full marketed asking price, in line with other apartments in Harbour Arch Quay, which is currently under construction.
Beinhaker Design Services has already agreed a previous sale at the development. Bosses said this new sale is a "substantial property transaction" under Section 190 of the Companies Act 2006 and is therefore subject to the approval of the shareholders in a general meeting.
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In a statement the London-listed firm said: "The resolution to approve the Sale will be proposed as an ordinary resolution. Consequently, the Company expects to shortly despatch a formal notice of General Meeting, to be held on October 12 2023, for that purpose, in advance of completion of the purchase of the apartment."
The Sale represents a related party transaction under the AIM Rules for companies, as Beinhaker Design Services represents 56% of the holdings of FB Investors LLP, which holds a 75.38% holding in the company and is controlled by the Beinhaker family, including Corey Beinhaker and Philip Beinhaker, each a director of the company.
The directors who are independent of the transaction, being Graham Miller, Sean Swales and Natasha Gadsdon, having consulted with the company's nominated adviser, Strand Hanson, consider that the terms of the transaction are "fair and reasonable" insofar as shareholders are concerned.
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Last month Sutton Harbour Group announced its annual results in which it recorded a loss of £90,000, which it blamed on rising energy costs and rising interests rates.
However, the firm said it had been engaged in the delivery of two "key property projects" during the year, to improve the quality, value and sustainability of the area.
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