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31 Jul 2009 07:00
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31Β July 2009
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
ManchesterΒ siteΒ acquired ahead ofΒ potentialΒ redevelopment
Terrace Hill Group plc (AIM: THG), a leading UK property development and investmentΒ group, announces that, in a newΒ funding and developmentΒ jointΒ venture withΒ Peveril Securities, it hasΒ purchasedΒ the Heaton Retail Park in Manchester from Standard Life Investments for Β£5.7Β million. TheΒ park, which has an unrestricted Open A1 planning consent,Β has been acquiredΒ with a view to looking at future redevelopment opportunities.
HeatonΒ RetailΒ ParkΒ isΒ aΒ 43,000Β sq ft scheme which is adjacent to an existingΒ 80,000Β sqΒ ftΒ Sainsbury's and is currently let toΒ Wickes, DSGΒ International PLCΒ (trading asΒ Dixons)Β and American Golf.Β Β
Philip Leech, Chief Executive of Terrace Hill,Β commented:Β Β
"The purchase ofΒ HeatonΒ RetailΒ ParkΒ represents an opportunistic buy of stockΒ with the potential for redevelopmentΒ in the forthcoming years.Β Β ThisΒ purchaseΒ underscores our capabilities and our growing presence in thisΒ specialistΒ market.Β Β We will continue to look for otherΒ similarΒ opportunities to create value by utilising our UK-wide team and by progressing our business model of working with joint venture partners. At the same time we are making good progress with lettings and asset management at our other projects, as evidenced by our recent announcements."Β Β
Ralph Jones,Β ManagingΒ Director of Peveril Securities, added:
"We are delighted to be working with Terrace Hill on this project, using theirΒ team'sΒ undoubted expertise in the sectorΒ and in development,Β together with our financial strength,Β to produce an ideal combination for the benefit of the joint venture."
Duncan McEwan,Β RetailΒ Director of Terrace Hill,Β added:
"WeΒ alreadyΒ have a good understanding ofΒ currentΒ retailingΒ requirementsΒ andΒ workingΒ closely with retailers allows us to identify these sort of opportunities,Β underliningΒ our expertise in this sector. OurΒ focus now turns to the next stage of the process where ourΒ discussions withΒ City ofΒ ManchesterΒ are well underway and we are confident of submittingΒ planningΒ applicationsΒ later this year."
Terrace Hill hasΒ recently received planning permission forΒ twoΒ supermarketΒ development schemesΒ with Sainsbury'sΒ at Helston inΒ CornwallΒ and Bishop Auckland inΒ CountyΒ Durham.Β These,Β together with already completed retail developments at Blyth and GalashielsΒ in the past few years,Β enforcesΒ the Company'sΒ growingΒ presenceΒ asΒ aΒ specialistΒ retail developerΒ alongsideΒ itsΒ already well establishedΒ reputation as anΒ office and business space development expert.
Knight FrankΒ and Clyde & Co acted forΒ Terrace Hill and Peveril as agents and lawyersΒ respectively. Edgerley Simpson HoweΒ acted for Standard Life.
- Ends -
For further information:
Terrace Hill Tel: 020 7631 1666
Philip Leech/Jon AustenΒ
www.terracehill.co.uk
Financial Dynamics Tel: 020 7831 3113
Richard Sunderland/Olivia Goodall terracehill@fd.com
Notes to editors:
Terrace Hill Group PLC is an AIM-listed property development and investment group with three key divisions:Β
Commercial development and investment
Residential investmentΒ
Housebuilding.
Formed in 1986, theΒ Company has four offices inΒ London,Β Glasgow, Teesside andΒ Bristol, managing aΒ commercialΒ developmentΒ programme, commercial and residential investment portfolios and a housebuilding business inΒ Scotland.
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