LONDON (ShareCast) - (Sharecast News) - Sutton Harbour Group said on Monday that it has acquired the freehold of a site of around 1.5 acres at market value, immediately to the east of Sutton Harbour.
The AIM-traded firm said financing by way of a new loan with a private funder had been secured with a first charge on the purchased site, a first charge against another freehold site owned by Sutton Harbour, and with its banker maintaining a second charge on that other freehold site.

It said it had submitted formal planning applications for two new residential-led developments, which would the kickstart the aspiration of the local authority for the regeneration of the area immediately to the east of Sutton Harbour, bounded by Sutton Road on the west, Gdynia Way on the east, Exeter Street on the north and the Barbican Approach on the south.

"These two new developments include over 200 housing units, retail and live-work space and parking in two complexes - one adjacent to St John's Bridge and the second on the east side of Sutton Road," the board said in its statement.

"The first development, adjacent to St John's Bridge, will include a new east-west public walkway which will allow pedestrian connectivity from the east side of Sutton Harbour at Sugar Quay through the new developments to St John's Bridge, providing a direct linkage to/from the residential communities further east."

In addition, the company said it had submitted an application to modify the approved development of the Sugar Quay site on the eastern side of Sutton Harbour with 170 luxury flats, and more than 2,000 square metres of waterfront retail space, providing for the accommodation of the necessary parking related to Sugar Quay in the St John's Bridge development.

"These formal applications follow months of extensive work including detailed design, thorough discussions with the PCC officers in the planning and other departments, other relevant public bodies, and public consultation.

"Subject to planning consent and construction finance, the build programme could start within a year of consent, to enhance the available housing supply, contribute to the restart of the local economy and achieve the long-held planning objectives."

Additionally, the firm said it had received planning consent last week for the installation of 'event pontoons' within Sutton Harbour.

It said the moveable pontoons would be available for events on the water in Sutton Harbour for the entertainment and active participation of local residents and visitors to Plymouth.

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