Princess Yachts International announced today that they have obtained the freehold of their superyacht yard, over three years after signing the lease for the 15-acre site.

The site was previously owned by the Ministry of Defence and is now being used for production of Princess’ new superyacht range.

Last year Princess revealed plans to include a superyacht hanger as part of their redevelopment of the Devonport site.

We reported in July that Princess Yachts was planning to build a £35m factory at the site in Devonport Dockyard, Plymouth. The company said the factory would create 1,000 permanent jobs in the area and had applied for £4-5m of government funding.

“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,” said Chris Gates, Managing Director of Princess Yachts.

Earlier this month Princess Yachts announced their latest interior design partnership will be unveiled at the PSP Southampton Boat show. The 98 Motor Yacht, designed in collaboration with Fendi Casa, will be on display in the Marina at stands M491 – M502.