Independent Valuation of Company Property Assets

RNS Number : 1447S

Sutton Harbour Holdings PLC

07 March 2019

 

Sutton Harbour Holdings plc

("Sutton Harbour" or the "Company")

Independent Valuation of Company Property Assets

The Company reports that the independent annual property asset valuation as at 31 January 2019 has now been completed.

The valuation records an overall increase, compared to the last valuation of 10 months ago as at 31 March 2018, to £45.700m (2018: £42.655m) representing an increase of 7.14%.

The valuation movement comprises an uplift in the valuation of owner occupied operational property assets to £26.275m (2018: £23.600m), an increase of 11.33%. This follows a successful period at the Marinas with new lettings of space within the Sutton Marina estate and improved berthing revenue. The value of King Point Marina reflects the new lease agreement with Princess Yachts and the resultant improving profitability from the asset. The Fisheries and Car Parking asset valuations were on par with the March 2018 position.

The investment property portfolio valuation is up to £19.425m (2018: £19.055m), an increase of 1.94%. The main contributor to the valuation increase has been the uplift at North Quay House following a new letting in the year. Generally, the Company has been pleased with increasing activity and a number of other new lettings of vacant space.

Land assets classified as development inventory are not included in the scope of the above mentioned property valuation report.

Enquiries

Sutton Harbour Holdings plc	[phone]	Philip Beinhaker, Executive Chairman Natasha Gadsdon, Finance Director
Arden Partners (NOMAD and Broker)	[phone]	Paul Shackleton, Ben Cryer

Notes to Editors

Sutton Harbour Holdings plc (SUH) is an AIM listed company specialising in marine operations, waterfront regeneration and destination creation in Plymouth and South West England.

 The Company operates Sutton Harbour Marina, King Point Marina and Plymouth Fisheries. Operational activities include mixed-use lettings, car parking and support services to harbour users, property management and regeneration and asset enhancement.

 Sutton Harbour Holdings plc is committed to being the leading marine and waterfront regeneration specialist in Southern England, and to positioning Sutton Harbour in Plymouth as a destination of national interest.

 

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