All three phases related to the redevelopment of the 35ha South Yard site of Devonport naval dockyard in Plymouth, southwest England are now underway. The multi-million site is being developed in three phases as a marine enterprise zone which gives tenants significant financial benefits.

Recently the first three tenants have moved into Phase 1. They are Surejust, Trend Marine and the Maritime & Coastguard Agency (MCA). Surejust and Trend Marine are both suppliers to Princess Yachts and each occupy an industrial unit in Phase 1. The new location will enable them to provide even better service to Princess Yachts and develop new business opportunities in the southwest of England.

Princess Yachts has a large site adjoining the South Yard where they construct their ‘M’ class superyachts up to 40m (131ft) in length.

Phase 1 of Oceansgate has seen the creation of an office and industrial space totalling 2,600sq m with space for up to 21 businesses. Phase 1 was funded by £1.5m from the Heart of the South West Local Enterprise Partnership (HotSW LEP) Growth Deal funding, a loan of £5m from the HotSW LEP’s Growing Places Fund, and £1.2m from Plymouth City Council.

At the opening, Councillor Ian Bowyer said: “Oceansgate is an absolutely fantastic development for Plymouth and having seen all the hard work put in by the team, I am delighted to be able to officially open Phase 1.” The first three tenants, all of them marine-related businesses, will be moving in very soon.

Chris Garcia, chief executive at HotSW LEP, said: “Oceansgate is one of our success stories in the LEP’s portfolio of Growth Deal and Growing Places funded projects. The official opening of Phase 1 confirms Oceansgate’s status as a world-class centre for the marine sector, and as one of the Heart of the South West’s Enterprise Zones.”

He added: “I welcome our first tenants to the new buildings at Oceansgate. Their investment signifies market confidence in this globally significant Enterprise Zone, and I look forward to further phases of the development taking shape.”

Work on Phase 2 infrastructure is already under way with Balfour Beatty contractors installing services ahead of construction of the new buildings for Phase 2, which is due to start next year.

Once all three phases of the development are complete, it will offer 25,000sq m of flexible employment space. For Phase 3, which includes three docks between 83m-145m (273ft-476ft), preliminary expressions of interest have been invited.