Thg Regulatory News (THG)

26 Apr 2007 07:00

Terrace Hill Group PLC26 April 2007 26 April 2007 Terrace Hill Group PLC ("Terrace Hill" or "the Group") Acquisition of 7.9 acre site in Bracknell, Berkshire Terrace Hill, the AIM-listed property group, today announces that it hasacquired a 7.9 acre site in Bracknell, Berkshire, with detailed planning consentfor 260,000 sq ft of offices in three buildings for £26.5 million. The phaseddevelopment of 'Two Orchards' will have an end value of around £120 million andis scheduled for completion in 2009. The completed office buildings will be delivered into an increasingly vibrantThames Valley market at a time when there will be a shortage of good quality newoffice space coupled with buoyant demand. Additionally, within Terrace Hill's development fund, the Group has commencedthe development of three office buildings totalling 35,000 sq ft at the TeesdaleBusiness Park at Teesside. This development, which will have an end value ofover £10 million, is generating considerable occupier interest and HBOS hasalready pre-let part of one of the buildings. Group Managing Director, Philip Leech, said, "We continue to add to ourcommercial development portfolio in our preferred locations following strongoccupier demand. These two developments will add substantially to our growth innet asset value and future earnings and confirms my confidence that we cancontinue to deliver exceptional returns for our shareholders." * * ENDS * * For further information visit www.terracehill.co.uk or contact: Philip Leech, Group Managing Director Tel: 01642 243444 Alasdair Robinson, Noble & Company Limited Tel: 0131 225 9677 Isabel Crossley, St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to editors: Terrace Hill Group PLC is an AIM-listed property group with three key divisions:Commercial Development, Residential Investment and Development and HouseBuilding. It has a total development programme of £1.1bn and a marketcapitalisation in excess of £200m. This information is provided by RNS The company news service from the London Stock Exchange