Plymouth based yacht company Princess Yachts is planning to build a new superyacht factory in Devonport Dockyard.

The build would cost £35m ($56m) and the

company has also applied for £4-5m of government funding on the basis that the

new building would create 1,000 permanent jobs in the area.

If funding is secured, Princess Yachts

said it could be ready to open before the end of 2012.

Managing director of the company, Chris

Gates, said: “It’s going to be a tough year.

“We’ve had moderate growth in a difficult

market but securing a new production facility to meet growing demand is

extremely important.”

The plans were approved by Plymouth City

Council last year.