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From their beginnings in 1965, over 17,000 Princess Yachts have been manufactured. Now, they build an amazing average of 270 yachts a year. This means that every few days another yacht is completed which is incredible!

Over 21 miles of cable go into a 40 M yacht. If you laid the cable along the road, it would take you all the way from Plymouth to Totnes.

In the furniture factory, the team processes 500 sheets of wood a day. The sheets of walnut or oak are produced in Holland and the trees they are taken from are hand-chosen for Princess.

Around 7 times each month, roads in Plymouth are closed between 2.30am – 4.30am so the yachts can be pulled around the roundabouts and down streets in the wrong direction!

The biggest boat has only 13 mm height clearance under the Marsh Mills flyover and in warm weather the tyres need to be deflated to make it under and through.

Princess Yachts own 4 police cars which are driven by police officers (on non-emergency duty) to escort the boats during the early morning moves.

Princess Yachts

Princess Yachts are famous for building some of the world’s finest and most luxurious yachts, which they manufacture at their  5 different sites in Plymouth and sell all over the world.  The company is extremely proud of their Plymouth heritage – their logo includes the words “Crafted in Plymouth”. 80-85% of everything you see on a Princess Yacht has been made in-house by the company’s Plymouth teams.

“Where there’s warm weather and water, you will find Princess Yachts. There’s always a carefully crafted part of Plymouth floating around some of the most beautiful places in the world”   Antony Sheriff, Executive Chairman, Princess Yachts

Princess Yachts is also honoured to be the first luxury yacht manufacturer to officially partner with the Marine Conservation Society. Since 2016 they have worked together to support marine environments, preserving reefs and sea life for present and future generations.

Typical job roles include: Marine Engineering, Fabrication/Welding, Carpentry, Computer Aided Design,Composites, HR, Learning and Development and Finance

Apprenticeships: Princess Yachts has a variety of four year apprenticeship courses available each year including; Marine Engineering, Carpentry/boat building, CAD Development, Fabricating and Welding, Business Administration, HR, Finance, IT and Composites. Find out more about the company’s Apprenticeship Scheme below in the Get to Know Princess Yachts section.

Princess look for potential apprentices with the right attitude, the right qualities and the desire to fulfil their potential – people who can stand out from the crowd and deliver the high standards of quality and service expected in the luxury yacht business. Applicants need to be dedicated, eager to learn, and keen to combine hands on work with study in their own time.

University Placements  are available in the CAD department.

Graduate Programme : Princess Yachts also offers a graduate programme for those who are leaving university, with opportunities in Accountancy and Finance, Business Operational Management, Commercial, Sales, Human Resources, Naval Engineering, Naval Architecture, Marketing and Communications, Development

Princessyachts.com

3000 Employees Worldwide

5 Plymouth Manufacturing Sites at Stonehouse, Coypool, South Yard, Langage, Lee Mill.

Distributors in over 100 countries.

Get to Know Princess Yachts

Princess yachts apprenticeship scheme (section 1 of 2).

Princess works in partnership with the South Devon Marine Academy which has a dedicated Princess Yachts workshop, equipped with a V40 hull where apprentices can learn skills in all aspects of the business, offering a truly immersive experience.

The Scheme offers a mix of classroom-study with practical work and real experience and gives participants the chance to work with world-class boat-builders and other professionals who are passionate about passing on their knowledge.

The first year of the apprenticeship programme, is undertaken at South Devon College where apprentices complete additional marine qualifications such as RYA Powerboat Level 2, RYA Sea Survival, RYA VHF Radio Operators Licence and RYA First Aid as well as taking part in off water activities.  SEE NEXT SECTION FOR MORE INFO…

PRINCESS YACHTS APPRENTICESHIP SCHEME (Section 2 of 2)

In the third week of an apprenticeship, the apprentices can undertake a week long residential programme at Heatree, Exeter with activities such as canoeing, rock climbing and abseiling to learn new skills including team working, self-motivation and leadership.

Apprentices’ are also taken to the Southampton Boat Show where they enjoy attending the Princess Yachts stand to really help them grasp the bigger picture and understand the exceptional global luxury brand that they are now part of.

After their first year is completed, each Apprentice is assigned to work at one of Princess Yachts’ five sites around Plymouth where they will be fully trained in their specialism.

Find out more about the Apprenticeship Scheme here

LUXURY MOTOR YACHTS AND SUPER YACHTS

Princess Yachts craft a range of highly developed luxury yachts, which are said to be the envy of the yacht manufacturing and retail community.

At 40 metres long, the Princess 40M is the company’s largest yacht to date and is classed as a super-yacht. It has the luxury price tag of £18 million! Across the yacht’s three decks, there are sunbathing hideaways, a spa bath, dining areas and even a walk-in beach club.

Click here to take a 360 tour of the Princess 40M and see the amazing craftsmanship of the Plymouth yacht building teams.

The M Class super-yachts are constructed in one of Plymouth’s most historically important areas at South Yard, which is a former naval yard dating back to the 17th century and where the city’s dockyard originally began.

CAREFULLY DESIGNED INTERIORS

As you can see here, the Y85 caters for relaxation as well as speed. The flybridge has a fantastic deck for enjoying the sights and sounds of the ocean and marinas while the saloon creates an elegant space for seating and dining.

There is a careful design process for every element of a Princess Yacht. Each newly designed yacht goes through a Mock-Up stage. This is a one-to-one scale replication of the final yacht to test exactly how the new layout works, to check head heights, door way functionality, and how the furniture and materials will feel in the space. You can watch a film about the Mock-Up Stage here.

NEW PERFORMANCE SPORTS YACHTS

The R Class is the brand new range of performance sports yachts by Princess. The R35 pictured here, is a revolutionary yacht which was designed in conjunction with Ben Ainslie Racing Technologies (yes – Ben Ainslie – one of the most successful Olympics sailors of all time!) and legendary Italian car designers, Pininfarina.

This yacht can reach a top speed of 50 knots. Only the fastest swimming fish in the world could keep up with the R Class yachts.

To confuse the eye and help conceal its design until its official launch, the prototype R35 was actually covered in dazzle camouflage which was created by Plymouth College of Art student, Katie Sheppard. Take a look at the sea trial of the prototype R35 in its dazzle camouflage design here.

SEE INSIDE PRINCESS

If you would like to see more inside Princess Yachts, watch some of their manufacturing processes, find out how the yachts are tested on water and understand the company’s amazing history and craftsmanship – visit the Princess Yachts webpage here  “Inside Princess” and scroll down to watch their interesting video.

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Princess Yachts eyes Plymouth freeport as site for new factory

UK's largest luxury yacht manufacturer needs more capacity and more staff after seeing order book reach US$1bn

• 07:00, 19 NOV 2021

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Luxury boat maker Princess Yachts wants to build another factory in Plymouth’s freeport area so it can produce more vessels, employ more people and fulfil a US$1bn order book.

The manufacturer is considering a new production facility at its South Yard base, in Devonport, which is included in Plymouth’s £50m tax-break freeport area.

It is early days and no plans have yet been drawn but the firm and Plymouth City Council have confirmed a new factory is very much on their radar.

More about Princess Yachts

And Princess Yachts is just one of several businesses, including some from abroad, which are eyeing the freeport, to be called the Plymouth and South Devon Freezone.

An outline business plan is due to be submitted to the Government before the end of November, and if all goes smoothly a full business case will be approved in Spring 2022, unlocking £25m in Government funds, which will be matched locally.

The Freezone could be up and running by summer of 2022 and would include sites at Devonport's South Yard, Langage Energy Zone and the as yet unbuilt Sherford Business Park next to the A38.

It would create space for businesses to import goods and materials, add value to them by manufacture, and export them, benefiting from simpler planning procedures, infrastructure funding, and lower taxes.

Caroline Cozens, strategic projects manager for Plymouth City Council, outlined the freeport process to about 100 construction industry bosses at a Meet the City Buyers event, called to brief the industry on major Plymouth building projects, at City College Plymouth.

She said: “We are getting great interest from the market that wants to invest. Local businesses wanting to expand and foreign direct investment in the city.”

And she said: “Princess Yachts is looking at a new factory in that location and we are working with them to bring that forward.”

Princess Yachts already has several production bases in Plymouth, including at South Yard, where the X Class super flybridge yachts are constructed. The former naval yard, which dates back to the 17th Century, is earmarked as part of the freeport.

Paul Turner, Princess Yachts’ HR director, said Princess Yachts was considering a new factory in the location so it could make more vessels and employ more people.

He said: “There is a lot of space there, so a potential opportunity for future capacity there. An opportunity for increased capacity and headcount.”

He said the plan was in a very early stage and would need funding and planning permission but said: “The reality is we need additional capacity. And it's about an opportunity in Plymouth to create more jobs.”

He said the freezone would provide a “fantastic opportunity” for Princess Yachts, particularly as the firm prides itself on making every vessel in Plymouth.

“Our strapline is ‘crafted in Plymouth’,” he said. “So we have to build everything in Plymouth, and we are proud of that.”

In October, the company revealed a “record-setting commercial performance” with sales surpassing production, with almost all output through to the end of 2022, and more than 60% of 2023 production, already covered by orders.

This year it has already sold 20 of its flagship Superfly X95 and has 57 orders for the new Y72 model which launched in the summer. The company is now poised for further growth with the new Y95, X80,and V50 already in production, as well as five further new model launches by the end of 2022.

And, despite being in a Covid-19 recovery phase, intensive recruitment continues with increased investment in skills training and award-winning apprenticeship programmes.

The firm, which employs about 3,200 people in Plymouth, faced challenges from the Covid-19 pandemic and the ongoing supply chain issues affecting the UK and turnover and profits dipped in 2020 as the company was affected by a temporary Covid-related closure. But it bounced back strongly and sales have grown to the highest levels in company history, with an order book exceeding US$1bn.

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Plymouth was named as a recipient of one of the country’s eight new freeports by Chancellor Rishi Sunak in his March 2021 Budget. It meant Plymouth could benefit from a £100m investment and employment boom, with an estimated 1,000 jobs created in the first two year. Plymouth was named as a freeport alongside East Midlands Airport, Felixstowe and Harwich, the Humber region, the Liverpool City Region, Solent, Thames and Teesside, but it must have its case approved by ministers.

Plymouth City Council has been working with Devon County Council and South Hams District Council on the outline business case for the Plymouth and South Devon Freezone. Ms Cozens said the council had been talking with key stakeholders and landowners, particularly at Langage, where the local authority owns significant land in the Freezone area, but not all of it.

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Princess Yachts acquires freehold for its South Yard site in Devonport Naval Base

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Written by Eva Belanyiova

In another landmark step towards establishing its Superyacht facilities in Plymouth, Princess Yachts International has today announced the acquisition of the freehold from the Ministry of Defense for its South Yard site at the Devonport Naval Base.

LtoR Cdre Steve Dearden, Chris Gates Princess Yachts MD, Tim Baker Def Infrastructure Org

The Plymouth boat builder has been on site as tenants for over 12 months building the first of their M Class yachts, a range of 100-foot plus vessels. This acquisition will now allow Princess to redevelop the site into world class facilities, breathing new life into this historical and proud British ship yard.

The company is already focused on the next step of this development as it seeks to gain funding from the Regional Growth Fund (RGF) which in turn will see around £35 million invested into the facilities, securing future boat building at the site and jobs in the city.

Commodore Steve Dearden (left) Chris Gates Princess Yachts MD.2011

Chris Gates, Managing Director of Princess Yachts International said: “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. These steps, together with our significant financial investment will help deliver a brighter future for boat building in Plymouth and across the UK.”

He continued. “We have been working closely with the MOD and its property arm, the Defence Infrastructure Organisation ever since we took up the lease for the site in 2009 and both have been tremendously supportive of the acquisition and we are extremely grateful to them, in particular I’d like to thank the Naval Base Commander, Commodore Steve Dearden for his unrelenting support.”

If commissioned the new production site will be fully operational by 2012/2013 and create or secure over 1,000 jobs directly and in the wider Plymouth economy.

Commodore Steve Dearden, Naval Base Commander, said: “We have been working very closely with Princess Yachts and are pleased to have reached agreement on freehold sale of the site in South Yard, enabling them to expand the impressive yacht building facility they are already developing on the site. I am pleased that the sale will transfer responsibility for some of the historic buildings in South Yard to Princess Yachts offering them the opportunity to bring them back to life, and allowing the Naval Base to concentrate on support to operational front line ships and submarines.”

Princess exports 90 per cent of its products and has built a global reputation for quality and craftsmanship. It is already Plymouth’s second largest employer, with just under 2,000 employees, as well as supporting several hundred supply chain jobs.

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Perched on the edge of the English Channel lies the city of Plymouth, where we established our home in 1965. Today Princess shipyards cover an area of over 1.1 million square feet, an area rich in British maritime heritage. In fact, South Yard, where our X Class super flybridge yachts are constructed, is a former naval yard dating back to the 17th century.

Like all the best dreams, ours started small - in a rented shed which sits opposite our current Newport Street site, where we built our first boat in 1965. Since then we have built and shipped tens of thousands of craft across the globe from the yacht that started it all, Project 31, to the new X Class super-flybridge yachts.

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• Princess Yachts Reveals Plans For South Yard

Princess yachts reveals plans for south yard

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.

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CRAFTED IN PLYMOUTH, ENGLAND

Perched on the edge of the English Channel lies the city of Plymouth, where Princess Yachts established their home in 1965. Today Princess shipyards cover an area of over 1.1 million square feet, an area rich in British maritime heritage. In fact, South Yard, where their M Class superyachts are constructed, is a former naval yard dating back to the 17th century. From the outset, their goal has been to meticulously sculpt their yachts around their owners’ enjoyment of them. Such dedication and attention to detail resonates deeply with their Plymouth craftsmen. Over 3,000 people, each possessing a mastery of their skill, fastidiously realise this vision in their shipyards. Through a culture of innovation, their yachts are not only some of the most technically-advanced in the world but also the most beautifully realised.

BEAUTY IS ALWAYS IN THE DETAIL

Princess is determined to develop ever more ingenious ways to ensure every last millimetre of your boat is ergonomically sound, highly practical, and spatially perfect. Once their team of naval architects, designers and engineers have determined a design, their craftspeople fastidiously bring it to life. Every beautiful detail is crafted and finished within their Plymouth shipyards. This enables them to consistently monitor quality throughout each build. 

To learn more about Princess Yachts, come see us at one of our Oyster Harbors Marine locations.

Recognized as one of the top performers in the industry, Oyster Harbors Marine features high-quality new and pre-owned boats, and has an award-winning sales and service team. Sales offices are located on Cape Cod in Osterville and Falmouth Massachusetts, Marion, MA , Hingham, MA , Danvers, MA , Essex, CT and in Freeport, Maine .

Not all locations have all product lines. Please call to confirm product is available for your inspection.

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Royal William Yard, Plymouth Open daily, 9am – 4pm

We are very pleased to welcome you to Plymouth to see the Boot Düsseldorf line-up of Princess yachts. From 22nd – 30th January , there will be appointments available with our sales team to view the following yachts on display:

Princess X95 Global Debut – Princess X80 Princess Y72 Princess F55 Princess V55 Global Debut – Princess V50

In order to ensure the safety and comfort of all customers and staff, this event is strictly by appointment only. Viewings of the yachts can only be permitted by a prior-made appointment. Therefore, we ask that you contact us to book yours – fill in the form below with your details or contact us directly by calling +44 (0)1489 557755

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Plymouth and South Devon Freeport will bring thousands of jobs, hundreds of millions of pounds of investment, and new superyachts

The business case shows that the establishment of the Freeport has the potential to unlock £314 million in inward investment and create 3,584 jobs.

• 05:00, 19 APR 2022

Thousands of jobs and hundreds of millions of pounds in investment are set to be created by the new Plymouth and South Devon Freeport. The major new plans will provide a new world class innovation space enabling the area to build on its global reputation for marine innovation and advanced engineering.

The Freeport will anchor some large employers, including Princess Yachts, protecting existing jobs and ensuring they can expand their local operations. It will unlock 130 Hectares of development land to provide space for high value advanced manufacturing and logistics companies.

The business case shows that the establishment of the Freeport has the potential to unlock £314 million in inward investment and create 3,584 jobs. The Freeport will contribute positively to the achievement of Carbon Net Zero, councillors have been told.

Read More - South Hams backs Plymouth and South Devon Freeport plans

The Freeport aims to grow the local and regional economy by building on unique national capabilities in Marine, Defence and Space and through a focus on key assets such as the Naval port in Plymouth. There would be opportunities of growing supply chains around these capabilities, support the whole of the regional economy.

The Plymouth and South Devon Freeport was one of eight successful bids announced in March last year, with an Outline Business case submitted last November. Devon County Council’s cabinet last week unanimously supported backing the business case, the timeline for investment, and funding arrangements. It follows decisions previously made by South Hams District Council and Plymouth City Council in relation to the project.

WHAT IS A FREEPORT?

Freeports have been set up to act as hubs for global trade and investment across the UK, to act as designated tax and customs sites with benefits to businesses from tax breaks, simplified customs, investment funding to open up sites and creating of high-skilled jobs. There is also a focus on establishing innovation clusters, fostering conditions to attract new businesses, investors and innovations to the area.

The local authorities will be able to retain 100 per cent of the business rates growth above an agreed baseline. This will be guaranteed for 25 years, giving certainty to support the Council forward fund key infrastructure to secure economic growth benefits.

Freeports enjoy direct access to relevant regulators through a Freeport Regulatory Engagement Network (FREN). This will enable early engagement with regulators, minimising bureaucracy and uncertainty.

The Plymouth and South Devon Freeport identifies three primary sites. South Yard in Devonport, Langage Energy Park and the Sherford Employment Zone, together with elements of the Port of Plymouth at Millbay Docks and Cattewater Harbour. The bid was jointly led by Plymouth City Council, South Hams District Council and the County Council.

The Freeport aims to grow the local and regional economy by building on the unique national capabilities in Marine, Defence and Space and through a focus on key assets such as the Naval port in Plymouth and the opportunities of growing supply chains around these capabilities, support the whole of the regional economy.

The Freeport can also support the wider levelling up agenda and stimulate local skills, jobs and higher wages. The creation of a supportive tax and regulatory environment can foster innovation and develop further strong collaborations from our business base, Exeter and Plymouth Universities. A number of sub-sector specialisms including marine autonomy, maritime decarbonisation, smart port shipping and offshore renewable energy have been identified within our business base which have the potential to increase productivity and develop links with other specialisms such as digital and low carbon technologies.

South Yard encompasses the Oceansgate development and the existing facilities owned by Princess Yachts, Babcock International and the Ministry of Defence. The site is economically underdeveloped with much of it being made up of underutilised buildings, some of which are the subject of preservation orders. PCC are in negotiating with the MOD to acquire an extended lease over underutilised facilities that remain within their control.

The total value of the developments proposed at this site, which include a new marine innovation centre, mobility hub and manufacturing facilities is circa £63 million and it is anticipated all of the development will come forward between 2022 and 2025, with the exception of later phases of Oceansgate.

Princess Yachts employs 3,000 staff on the South Yard Site. The company has an advanced concept for a new 88ft super yacht which will be the first to integrate all of its sustainability initiatives through the use of efficient design, electrification and sustainable materials. The Freezone will offer an opportunity to create a flagship centre for luxury yacht manufacturing, creating 450 direct jobs and expanding the value of regional supply chains.

Anchor tenant, Princess Yachts, will develop a new factory on land which they already own within the site and Babcock will also redevelop two key buildings ‘behind the wire’ of MOD owned land on the site for new manufacturing capacity;

Langage is located on greenfield land in close proximity to the A38 Expressway and is allocated for in the Joint Local Plan for employment purposes. It will be developed as a tax site incorporating a customs zone to provide industrial and manufacturing space for high value manufacturing and engineering companies, focusing primarily but not exclusively on the marine, defence and space sectors.

Public investment will support preparation of the site and transport links, including a new cycle/pedestrian bridge over the A38 to serve both Sherford and Langage. Private investment is expected to be attracted to build advanced manufacturing units, logistics facilities and a plant for renewable hydrogen with a lower carbon footprint.

The site will also be home to a green hydrogen plant and a mobility hub (EV charging etc) to facilitate delivery of critical sustainable and low carbon transport options. Development is anticipated to come forward in two phases, taking place between 2022 and 2027

Phase 1a will be delivered first encompassing a 25,000m2 Customs Zone and other plots on land owned by Langage Energy Park Ltd (LEPL). The majority of Phase 1b land will need to be acquired from its current owners before development can commence for that phase. Phase 2 includes approximately 40 acres of solar farm owned by Langage Energy Park Ltd (LEPL). LEPL are in discussion with Ofgem regarding potential to move the solar panels.

At Langage, the Freeport will bring forward private investment for a 10MW hydrogen plant which will be online by the end of 2025. This will align with the Government’s Hydrogen Strategy to underpin clean growth and low carbon transport for shipping and HGVs. The plant will utilise a live wire connection to the onsite solar farm and sleeved Power Purchase Agreements to ensure 100% green energy usage. Langage Energy Park Ltd (LEPL) is one of a handful of companies nationally able to deliver this type of plant, which mirrors a sister project in Manchester which is due to go live in 2023.

Located on the opposite side of the A38 Expressway to the Langage site, the Employment Zone forms part of the employment allocation of the Sherford new community. Part of it will be developed as a tax and customs site with coterminous boundaries, providing integrated warehousing, storage and engineering space. This development is expected to come forward in the first phase of developments, taking place between 2022 and 2025.

Babcock currently employs over 7,200 people locally and has strong links with supply chain companies, with opportunities for onshoring overseas clients. The Freeport represents a significant opportunity for them to expand operations in new economic areas through innovation and by developing an Integrated Logistics Hub at one of the tax sites as well as the re-development of redundant sites at South Yard.

It will be developed as a logistics hub with a coterminous tax and customs site boundary, providing integrated warehousing, storage and engineering space for a single marine/defence contractor (Babcock).

THE OUTPUTS

The Freeport proposal has the potential to transform the local and regional economy. Significant economic and employment modelling has been undertaken to support the development of the business case and working of various growth scenarios.

The anticipated outputs will be refined in the final business case but currently are:

· 3,584 direct jobs created with an average wage level of at least £13.92 per hour

· 10% of jobs created to be filled by inactive claimants and registered unemployed

· 3,000 m2 of skills infrastructure

· 2,400 m2 of new innovation space

· 137.9 hectares of land developed

· 5 new businesses each year

· 2-3 new FDI each year

· 40 Business/Higher education collaborations annually from 2022

· £4m a year in private investment in research & development

· 10 new products developed for market

It is expected that the Freeport will deliver wider benefits such as an uplift in land value, labour supply, a skills uplift and the jobs/GVA arising from the construction of the Freeport. Economic modelling estimates the total value of these and other benefits at £409.5m over a 15-year timeframe.

The total investment in the Freeport is predicted to reach £314 million. This is made up of £25 million in Government seed capital grant with local public sector match funding of £29 million. For the South Yard site, Plymouth City Council is bidding for a further £10 million through levelling up grant income. It is anticipated that the total private sector investment levered will be close to £250 million.

At Langage £33 million in public investment will be provided to support land assembly, site preparation and transport links, including a new cycle/pedestrian bridge over the A38 to serve both Sherford and Langage. This will leverage £118 million in private investment to build advanced manufacturing units and logistics facilities and a further £28 million to deliver a Green Hydrogen electrolyser plant.

At Sherford £1 million in public and £5 million in private investment will support site preparation and transport links, private sector investment in off-site costs will be £3 million and a further £62 million will be invested in developing a state of the art logistics facilities

In South Yard public investment of £17.3 million and a £10 million levelling up fund grant will deliver a new Innovation Centre and Mobility hub at Oceansgate. Princess Yachts will invest £21 million to deliver a new factory to build the next generation of super yachts, supported with £0.9 million of public investment and Babcock will invest £6.5 million in new and upgraded infrastructure.

Associated British Ports will invest £5.7 million supported with a £1.3 million public sector investment in the developing new port infrastructure to ensure adequate additional capacity and to provide enhanced freight facilities.

Devon County Council will invest in the development of the spine road extension at Langage, cycle and pedestrian bridge, and road link from Langage to Sandy Road to enable access to the A38.

South Hams District Council will provide £4.625m in funding towards the project, with Plymouth City Council £10.162m. Devon County Council, at their cabinet meeting last week, agreed to a £14.289m investment. The funds be will borrowed and be repaid through the use of retained business rates.

WHAT HAVE PEOPLE SAID

Keri Denton, Head of Service, Economy Enterprise and Skills at Devon County Council, said the Plymouth and South Devon Freeport will enable the building back better in the wake of the COVID 19 pandemic. She added: “It will provide 1000s of new jobs and training opportunities to underpin our recovery. It is designed to leverage our strengths, the thriving marine innovation sector and traditional defence links, as well as the emerging space sector.

“A net zero strategy will ensure that this growth aligns with our climate change targets. Key employers for the area serve as anchor tenants and the Freeport enables them to pursue ambitious expansion plans towards creating these jobs across the Freeport sites. The Freeport unlocks much needed employment land to create space for a new wave of advanced manufacturing and green energy firms to locate in the area and the tax and customs benefits will provide additional incentive to accelerate the rapid development of the sites.

“This is a chance to get significant investment, focusing on marine, advanced manufacturing, and defence. There are range of incentives for business, from business rate relief to customs. It would be investing in supply chains across the county. There is an ability to cover the borrowing and generate a surplus, and it would help the economic recovery and align with the levelling up agenda.”

Devon County Council Leader, Cllr John Hart said: “The proposals for the Freeport will unlock key sites for employment that have effectively stalled over the years. This will accelerate growth that simply may not be achieved without this project. Developing much needed employment land will create space for advanced manufacturing and green energy firms to locate to the area, and the tax and customs benefits will provide additional incentive for the rapid development of the sites.”

Cllr Rufus Gilbert, Devon County Council’s cabinet member for economic recovery, said: “I fully support this in all its aims and ambitions. This is an excellent boost and a big boost to Devon in many ways. These are new jobs being created and companies cannot jump over the fence and get there on the cheap.

“The Freeport will provide thousands of new jobs and training opportunities to underpin the recovery of our economy in the wake of the coronavirus pandemic. This project has the potential to regenerate and transform the local and regional economy, which will support the wider levelling up agenda and stimulate local skills, jobs and higher wages.

“Specialisms including maritime decarbonisation, smart port shipping and offshore renewable energy have been identified for the Freeport, offering the potential to increase productivity and develop links with digital and low carbon technologies.”

Cllr Phil Twiss,, Devon County Council’s cabinet member for finance, said: “I was born and brought up in the area of the Freeport. If I wanted a well-paid job, I either had work in the Dockyard or move away. It would have been nice to have had more of a choice.

“I genuinely see this as a once in a lifetime opportunity to create at least 3500 high value jobs directly in Plymouth and Devon and South Hams, and the spin off benefits in the supply chain this brings. Devon County Council is making a significant investment in this – the risk is lower than it would ordinarily be. The thing that strikes me most of all about this is the partnership working. It is fabulous and I am really enthusiastic about this.”

Cllr Alan Connett, leader of the opposition Liberal Democrats group, said: “I welcome the investment. I know there is concern about the proposals but this identifies a significant investment for Devon and Devon jobs. We need to do it. It is good for Devon and jobs.”

Cllr Rob Hannaford, leader of Labour group, said: “This could have meant a skill and jobs drain out of Devon and into Plymouth, but this embeds the Freeport in Plymouth into Devon. There is often a debate about whether the right structure but have to take advantage of the opportunity.

“It is a great opportunity to invest and innovate and develop. I am pleased that defence is embedded in this. Strikes the right balance between Devon and Plymouth. Let us hope we move forward with success.”

Cllr Henry Gent, one of two Green councillors on the council, added: “The future is quite exciting and daunting and different and a green hydrogen factory in South Devon by 2025 is almost out of this world. It is needed, we have to generate green hydrogen, and it probably should. We will need all the cheap renewable energy we can get.”

WHAT HAPPENS NEXT?

Plymouth City Council are expected to sign off on the Full Business Case as lead accountable body under delegated arrangements on April 21. The following day, the Full Business Case is submitted to Department for Levelling Up, Homes and Communities.

By June 28, it is hoped the Department for Levelling Up, Homes and Communities will sign off Full Business Case and issue Memorandum to Freeport Governing Body. On July 1, Plymouth and South Devon Freeport is formally designated and section 31 grant letter is issued to Plymouth City Council. Then the Freeport is operational and works commence on site. All the developments are then expected to be completed by the summer of 2027.

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