Sutton Harbour drops plan for Sugar Quay

PLANS for a £60m skyscraper on Plymouth's waterfront have been binned. Planning permission for the 21-floor Sugar Quay block expired in June and developers said they will have to look at a cheaper replacement amid "challenging" market conditions.

- By WILLIAM TELFORD

The £60 million Sugar Quay development at Sutton Harbour had determination for 21 floors and 170 flats

Regeneration specialist Sutton Harbour Group Plc was given consent to build up to 170 flats on the site at Sutton Harbour in June 2022. But among a long list of conditions was that work had to start within three years - and it didn't.

The AIM-listed company, which last week announced a loss of nearly £2m, said it will now look at a smaller scheme which it will have more chance of finding finance for. The cost of the Sugar Quay development was put at £60m several years ago, and inflation is likely to have raised this since.

In a statement to investors, Philip Beinhaker, SHG's executive chairman, said: "A new, lower density scheme is being designed to improve prospects for financing and market absorption in what is a difficult market."