Last checked at 14 Nov 2012 07:00
14 November 2012
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
TERRACE HILL TO DEVELOP A NEW £30 MILLION LEISURE SCHEME IN DARLINGTON
Terrace Hill, a leading UK property development and investment group, announces that it has signed an agreement with Darlington Borough Council to redevelop a 1.9 acre former bus station in Feethams, Darlington, into a new state-of-the-art leisure complex with a development value of around £30 million. The 140,000 sq ft Feethams leisure scheme will be anchored by a nine screen multiplex cinema and include an 80 bedroom hotel, as well as a number of restaurants, bars and shops. A planning application will be submitted early in the New Year and it is anticipated that the scheme will be completed and operational by December 2014.
Terrace Hill is in advanced discussions with VUE Entertainment for the cinema element of the scheme and with Whitbread for the 80 bedroom hotel and family restaurant. Terrace Hill has also received strong interest from a number of national, as well as independent restaurant/leisure operators with regard to the remaining space.
Philip Leech, Chief Executive of Terrace Hill, commented: "Having made the strategic decision to increase Terrace Hill's focus on development, thereby better utilising our core expertise, we are very pleased to have been appointed by Darlington Borough Council to develop this important new scheme. The appointment is not only an endorsement of our development expertise and of our ability to attract first class leisure operators and retailers, but also underlines the importance of having a strong network of local offices that can access and win this type of opportunity."
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For further information please visit www.terracehill.co.uk or contact:
Philip Leech/Jon Austen Tel. 020 7631 1666
Terrace Hill Group PLC
Gareth Price/Mark Young Tel: 020 7710 7600
Oriel Securities (Nominated Adviser)
Richard Sunderland/Will Henderson/Faye Walters Tel: 020 7831 3113
FTI Consulting terracehill@fticonsulting.com
Notes to editors:
Terrace Hill Group
Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM. Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester.