Property developer announces sale of prestigious apartment at harbour development

Property developer Sutton Harbour has announced a sale of a prestigious apartment at one of its schemes.

The details of the sale at the Plymouth development were made public under Stock Market rules.

The AIM listed marine and waterfront regeneration specialist, has exchanged on the sale of an apartment for £475,000 in the company’s development under construction known as ‘Harbour Arch Quay’ to Beinhaker Design Services Limited (BDSL).

BDSL is partly owned by an investment group which also has a significant share in Sutton Harbour.

The sale price was agreed at the original full marketed asking price, in line with other apartments in Harbour Arch Quay – including a previous sale to Beinhaker Design Group Limited – which have already exchanged or have been reserved at or around their marketed asking price.

The Sale is a “substantial property transaction” under Section 190 of the Companies Act 2006 and is therefore subject to the approval of shareholders in a general meeting.

The resolution to approve the Sale will be proposed as an ordinary resolution. Consequently, the Company expects to shortly despatch a formal notice of General Meeting, to be held on 12 October 2023.

The Harbour Arch Quay development includes 14 apartments. The company has exchanged contracts on 13 apartments (including the apartment sale described above), and the final apartment has been reserved by a buyer and is subject to contract.

The sale represents a related party transaction under the AIM Rules for companies, as BDSL represents 56% of the holdings of FB Investors LLP, which holds a 75.38% holding in the company and is controlled by the Beinhaker family, including Corey Beinhaker and Philip Beinhaker, each a director of the company.

The directors who are independent of the transaction, being Graham Miller, Sean Swales and Natasha Gadsdon, having consulted with the Company’s nominated adviser, Strand Hanson, consider that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.