Princess Yachts International has announced the acquisition of the freehold of its South Yard site at the Devonport Naval Base.

The 15-acre site had been owned by the Ministry of Defence and is now home to the production of its new range of M Class 30m (100ft) superyachts.

The company says it is focused on redeveloping the site into a world-class facility as it seeks funding from the Regional Growth Fund (RGF)