Pressing on with flats plan despite £3m loss

REGENERATION company Sutton Harbour Group Plc is to press ahead with plans for huge blocks of flats on Plymouth's waterfront despite making a £3m loss on its latest development.

- WILLIAM TELFORD

The AIM-listed business said it will look to redevelop the North Quay House office block and build the massive Sugar Quay tower despite going into the red over its Harbour Arch Quay project.

In an update for investors, SHG's executive chairman Philip Beinhaker said delays and soaring costs while building the ninestorey Harbour Arch Quay, at Sutton Harbour, meant it made a £2.629m loss on the project, even though all flats were sold.

But the company, which has just announced annual losses of nearly £4m and been ordered to sell off assets, said it still wants to transform the five-storey North Quay House, at Sutton Harbour, from offices into 10 plush apartments.

It is also ploughing ahead with plans for the vast Sugar Quay development, also at Sutton Harbour, and land right behind it. A £60m skyscraper has been earmarked for an empty plot of land for years, but SHG will now look to submit plans for a "redesigned" project next year.

In SHG's financial results for the year to the end of March 2024, the company revealed it had seen after-tax losses almost double to £3.836m.