Princess acquires South Yard freehold
SOUTH WEST: Princess Yachts has acquired the freehold for its South Yard site from the Ministry of Defence – another step towards establishing its superyacht facilities in Plymouth writes Katina Read.
The company has had a lease on the site since 2009 and for the last year has been building the first of its M Class 100ft plus range. It now hopes to gain funding from the Regional Growth Fund in order to invest £35m into the facilities.
"Obtaining this freehold and then gaining RGF support to build these world class facilities in Plymouth will enable us to successfully compete in the global motor yacht and superyacht market,” said MD Chris Gates.
If commissioned the new production site will be fully operational by 2012/2013 and create or secure more than 1,000 jobs.
