Property Disposals

RNS Number : 6388S

Sutton Harbour Holdings PLC

24 November 2011

 



24 November 2011

Sutton Harbour Holdings plc (the "Company" and "the Group")

Property Disposals

The Company reports that it has completed the sale of the 4^th tranche of surplus  land at its Plymouth Airport site. £1m has been received upon completion and a further £1.3m is receivable early in the New Year.  This sale follows previous sales of surplus airport land in June 2009, December 2009 and December 2010 and represents the final element of this phased land disposal deal .The Group continues to own the long leasehold of 104 acres of airport land, with the airport scheduled to close on 23 December 2011, as previously reported.

The Group will review plans for the remaining airport site post closure, working with the freeholder, Plymouth City Council, to obtain best value for the site through alternative use. As anticipated,   construction of a link road is underway to serve the remaining site and also the developments on the surplus land already sold, which is due for completion early next year.

The Company also reports that exchange of contracts for the disposal of an investment property in Exeter has taken place , with completion of the sale  for £400,000 expected in December 2011.  This investment asset was identified by the board for sale as it is remote from the core Sutton Harbour waterfront estate with proceeds to be invested  into other near term projects.

The Company expects to announce interim results for the six month period ended 30 September 2011 on 8 December 2011.

For further information, please contact: 

Sutton Harbour Holdings plc

Jason Schofield - Acting Chief Executive

Natasha Gadsdon - Finance Director

01752 204186

Arden Partners plc

Richard Day

Steve Douglas

Jamie Cameron

0207 614 5917   

Threadneedle Communications

Graham Herring

Terry Garrett

020 7653 9850

 

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