English Cities Fund announces lease completion with Sutton Harbour Holdings in Plymouth12th December 2012

English Cities Fund (ECf) today announced it has completed a long lease agreement with Sutton Harbour Holdings Plc to build and operate a new marina at the heart of Plymouth’s most significant regeneration scheme.

It follows the announcement last year that ECf and the Homes and Communities Agency (HCA) had selected Sutton Harbour Holdings as its preferred operator for the marina, within Millbay’s inner basin, and associated shore side facilities.

The completion of the lease agreement paves the way for the start of construction of the new 171 berth King Point Marina, which will bring the inner basin back to life – transforming it into a busy waterfront setting and creating an impressive focal point for future phases of development on the surrounding docksides.

Duncan Cumberland, Development Director for Muse Developments, one of the partners within ECf, said: “Bringing Millbay’s waterfront back into active use is a key part of the regeneration plans. It will help establish Millbay as a destination for local people and visitors as well as acting as a catalyst for future development.

“We are delighted to have completed this lease agreement and to be working with Sutton Harbour Holdings to bring forward this important element in the regeneration of Plymouth’s waterfront.”

Millbay’s inner basin, which first opened in 1857, was designed by celebrated engineer Isambard Kingdom Brunel. In 2010, ECf completed major infrastructure works to restore the inner basin and its listed quay walls. The work was carried out following a £4.5 million investment by the Homes and Communities Agency (HCA) and paved the way for the historic harbour to be brought back into use. It also meant that Millbay’s quays and harbour were in a position to host the race village for the high profile America’s Cup World Series international yacht racing in 2011.

Jason Schofield, Chief Executive of Sutton Harbour Holdings Plc, said: “We are bringing a modern, first class marina to Millbay and we are delighted to have completed the lease with English Cities Fund and the HCA.

“We have also signed construction contracts with Walcon Marine, Land & Water, and Devon Contractors, paving the way for work to start early in the New Year, and we expect the marina to be completed during summer 2013.”

The announcement today comes at a time when the regeneration of Millbay is gathering pace. Construction is progressing well on the latest phase of development, Cargo 2, which had a successful sales launch in November and will see the first of its 48 new homes ready in April 2013.