Deal paves the way for work to start on marina
A DEAL has been struck on the lease of the new Millbay marina – which means building work will start next month.
English Cities Fund (ECf), the lead developer behind the long-term masterplan to transform Millbay, today completed a long lease agreement with Plymouth marine and waterfront regeneration specialist Sutton Harbour Holdings (SHH).
The firm, which was last year selected by ECf and the Homes and Communities Agency (HCA) as preferred bidder, will now build and operate the inner basin marina and its shoreside facilities.
The completion of the lease agreement paves the way for the start of construction on the 171-berth King Point Marina.
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In SHH's interim statement to the London Stock Exchange it said construction of the marine and shoreside facilities will start in January and are expected to be complete during next summer.
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 SHH to bring forward this important element in the regeneration of Plymouth's waterfront."
Millbay's inner basin, which opened in 1857, was designed by celebrated engineer Isambard Kingdom Brunel.
In 2010, ECf completed infrastructure works to restore the inner basin and its listed quay walls, following a £4.5million investment by the HCA.
It also meant Millbay could host the race village for the America's Cup World Series yacht event in September last year.
Jason Schofield, SHH chief executive, said: "We are bringing a modern, first-class marina to Millbay and delighted to have completed the lease.
"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. We expect the marina to be completed during summer 2013."
Meanwhile, construction is progressing on the latest phase of the flats development, the Cargo 2 block, which had a sales launch in November and will see the first of its 48 new homes ready in April.