24th Jan 2014 08:31
LONDON (Alliance News) - Marine and waterfront regeneration specialists Sutton Harbour Holdings PLC Friday said it has secured a tenancy agreement with an accountancy practice and completed the lettings of the first floor marina restaurant at King Point Marina in Plymouth.
The AIM-listed company said Bishop Fleming Charted Accountants will relocate their Plymouth office to Salt Quay House this month, with the business up and running from April.
The letting comprises a floor of 5,490 square feet of prime office space overlooking Sutton Harbour Marina.
This letting achieves improved clarity of revenues to the firm over the remaining 7.5 years of the unexpired leasehold held by Sutton Harbour, following under-performance in a connection with the former subtenant's office services rental agreement.
Sutton Harbour said it will report a one-off non-cash accounting provision adjustment of around GBP100,000 in the accounts for year ended March 31, 2014 to record an annual service charge contribution and professional fees.
This provision will be released over the remaining 7.5 years of the letting, the firm added.
Sutton Harbour also said it has completed the letting of the 2,012 square foot first floor marina restaurant to a local area operator, whom it didn't name.
Expected to be open for the 2014/15 marina season, the leaseholders will undertake the fit-out of the restaurant to a modern marina/bistro style scheme, and will cater for berth holders, passengers waiting for embarkation at the nearby Brittany Ferries terminal and the general public.
The financial terms of both deals were not disclosed.
Sutton Harbour shares down 0.3% at 29.40 pence early Friday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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