Sutton Harbour reports 'strong' post-Covid recovery

Sutton Harbour Group said in an update on Monday that trading was continuing to make a “strong recovery”, with sustained high levels of occupancy at the marinas now reaching capacity, and car parking revenues back to the peak trading levels of two years ago.

The AIM-traded firm said tenants of the waterfront property estate in Plymouth had “weathered the disruption”, with occupancy maintained at over 90%.

It said the resilience and performance of its investments and owner-occupied assets was reflected by the unaudited independent valuers report of 31 March, which valued the portfolio excluding development sites at £54.17m - a £6.85m year-on-year increase.

The valuation of the owner-occupied assets, being the marinas, car parks and fisheries, reflected the “strong trading” by both the marinas and car park operations.

“The company started construction of Harbour Arch Quay, a 14 apartment waterfront building, in February with works now emerging from the ground,” the board said in its statement.

“Completion is scheduled for early spring 2023.

“Strong interest is being received from potential purchasers for the high specification units, all of which have direct south-west facing views over Sutton Harbour.”

Revised plans for the Sugar Quay development, on the eastern side of Sutton Harbour, meanwhile received unanimous approval from the local planning authority in April, with pre-construction conditions expected to be settled in the coming weeks.

“The company has embarked on consented works to the listed Old Barbican Market to convert the 7500 square foot glazed building into three units and to improve the external public realm.

“These works will allow the three incoming tenants to complete fitting out and opening by late summer 2022.”

The property was vacated by Edinburgh Woollen Mill in May last year.

Sutton Harbour Group said it expected to announce its results for the year ended 31 March in mid-July.

At 1159 BST, shares in Sutton Harbour Group were up 5% at 21p.

Reporting by Josh White at Sharecast.com.