Waterfront flats 'on hold' over tough market conditions

SUTTON HARBOUR GROUPS LOOKING FOR USE FOR EMPTY SITES

- By WILLIAM TELFORD

PLANS to build flats and commercial units on Plymouth’s waterfront have been put on hold because no one wants to buy them.

Sutton Harbour Group Plc (SHG ) told investors the state of the regional and national economies meant appetite for new developments was low and the company is now looking for anyone who has a temporary use for its empty sites at Sutton Harbour.

The AIM-listed company had wanted to build a £60m skyscraper but planning permission for the 21-floor Sugar Quay block expired in June.

In September, SHG said it would have to look at a cheaper replacement amid “challenging” market conditions.

But in an annual meeting statement to the Stock Exchange, the company today said it has now put all plans for new buildings on hold.

In a statement on “future new development” the regeneration specialist said: “Demand for both high-quality luxury waterfront residential property and commercial development is currently subdued, reflecting both the national and South West regional economies.