Sutton Harbour Holdings, the AIM-listed, Plymouth-based developer which owns Plymouth Airport and the Marina from which it takes its name, today made an open offer for shares to the market to fund its Millbay Marina project. It expects to receive £5.7 million net which will also pay down some debt.

The Millbay Marina project is a proposed development in the historic Brunel Dock, a central location in Plymouth with direct views across Plymouth Sound, which will provide berthing for up to 179 berths together with 2,000 sq ft of shoreside facilities. The scheme received the local authority's resolution to grant planning permission on 15 December 2011, and work is expected to commence in the new year.

The regeneration scheme will transform a derelict 20 acre harbourside area which was used the the race village in September of the Americas Cup yacht race. The Millbay Docks were designed by Brunel around 1849.

Michael Knight, Chairman said:

"The Millbay Marina Project is a unique opportunity to provide high quality facilities with direct access to some of the best cruising waters of the UK. The project is in line with our stated strategy to focus on marine activities and the regeneration of waterfront areas whilst building the Group's core income base."