Luxury boat builder moves forward with £15 million redevelopment plans for Devonport site.
Plymouth-based luxury yacht builder Princess Yachts International, today presented plans for the newly occupied South Yard site at a consultation with Devonport Regeneration Community partnership (DRC). The plans represent a significant contribution to the local economic regeneration and outline a £15m investment programme for the yard leading to the creation of 200 new jobs at the company.
The 15 acre site, which is within the historic naval dock yard of Devonport, was acquired by the company last year for the purpose of building a new line of 100 feet+ vessels and the build of the first of these new M Class yachts has already begun at the yard. These new development plans are essential to ensure the correct infrastructure is in place for the long term manufacture and development of these and other future Princess models at the site.
The redevelopment will consist of significant modifications and enhancements to the current yard including a new impressive production ‘hangar’, which will develop in size over three phases to produce a vast, world class manufacturing facility. The plans also include the covering and development of the existing ‘shallow dock’, structural changes to the existing number 3 slipway to make this more suitable for the craft it will ultimately launch, and many associated external works around the site.
Chris Gates, Managing Director of Princess Yachts commented “We are now entering the next exciting phase of our redevelopment of the 15 acre South Yard site. This vast facility has already enabled us to move successfully into the 100 feet+ ‘Superyacht’ arena with our technically advanced M Class yachts and this next phase will ensure we also have an appropriate world class facility to build them in, just a short distance away from our headquarters in Newport Street.”
“Significant modifications are needed at South Yard to allow us to achieve this and to sustain our future production plans. This consultation with DRC brings us a step closer to realising these and to solidifying the future of the company.” He added, “It is a sign of real strength that, in the turmoil of this economic downturn we are still able to look forward positively.
Princess Yachts is one of the largest employers in the region. The new South Yard facility is additional production capacity to the five existing sites the company already operates in the area. Production of the company’s other world leading and award winning craft will continue in the existing facilities.
Following the DRC consultation, formal planning applications for adaptation of the site will be submitted.