Princess Yachts International has signed the lease for a 15 acre (6 hectare) waterfront site at South Yard, Plymouth. Part of the famous Devonport Naval base, this facility has been acquired to enable Princess to commence the construction of a new range of large yachts. The bespoke craft, which will be over 100 feet, are too large to be built in Princess’ existing manufacturing sites.

Chris Gates, managing director at Princess Yachts International, said, “Acquiring this land is a significant step for the company’s future. We have been working for some time to achieve the waterfront location we require in the Plymouth area. Expanding locally has always been a priority not least because of the skilled workforce and supply chain we have established here over the years.

“The South Yard site will enable us to start immediate production of a new range of large craft. We have identified this market as key for Princess to ensure its growth and long term development, helping us secure stable employment for our workforce.”

With the additional 15 acres at an estimated phased investment cost of around