Property Letting Update

RNS Number : 4095Y

Sutton Harbour Holdings PLC

24 January 2014

 



24 January 2014

Sutton Harbour Holdings plc ("the Company")

PROPERTY LETTING UPDATE

The Company is pleased to report completion of two new property lettings.

A new tenancy agreement has been completed with a major regional accountancy practice, Bishop Fleming Chartered Accountants, who will relocate their Plymouth office to Salt Quay House in the New Year. The letting comprises a floor of  5,490 sq ft (510 m²) of prime office space overlooking Sutton Harbour Marina. Other space sublet to Company has been occupied for some time and this new letting reinforces the concentration of professional service companies in and around the Sutton Harbour area, which is already a base for Foot Anstey (lawyers) and Francis Clark Chartered Accountants, together with a number of other practices, businesses and retail outlets.

This letting achieves improved clarity of revenues to the Company over the remaining 7.5 years of the unexpired leasehold held by the Company, following underperformance in a connection with the former subtenant's office services rental agreement. The Company will report a one-off non-cash accounting provision adjustment of c.£100,000 in the accounts for year ended 31 March 2014 to record an annual service charge contribution and professional fees. This provision will be released over the remaining 7.5 years of the letting. The Company continues to target marketing of the Sutton Harbour area to other professional service organisations which require high quality waterfront city centre working with good transport links and parking availability.

Bishop Fleming  takes occupation with effect from January 2014, and is expected to be operational  in the premises from April 2014.

Further to the recent announcements about the opening of King Point Marina in the Millbay area of Plymouth, the Company reports that it has completed letting of the 2,012 sq ft (187 m²) first floor marina restaurant to a local operator with an established reputation in the area. Expected to be open for the 2014/15 marina season, the leaseholders will undertake the fit-out of the restaurant to a modern marina/bistro style scheme, and will cater for berth holders, passengers waiting for embarkation at the nearby Brittany Ferries terminal and the general public. The restaurant will have stunning views across Plymouth Sound out across Drake's Island, and will comprise inside space and outside veranda seating.

For further information, please contact:

Sutton Harbour Holdings plc

Jason Schofield - Chief Executive                        01752 204186

Natasha Gadsdon - Finance Director

Arden Partners

Richard Day                                                                   020 7614 5917

James Felix                                          

Newgate Threadneedle

Graham Herring                                                     020 7653 9850

Adam Lloyd

Robyn McConnachie

.

 

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