Thg Regulatory News (THG)

11 Aug 2005 07:00

Terrace Hill Group PLC11 August 2005 TERRACE HILL GROUP PLC ("Terrace Hill") Further Trading Update Following a confidentiality period, Terrace Hill can now add to the tradingupdate published on 21 July 2005 for the third quarter to 31 July 2005 of itscurrent financial year. Terrace Hill is pleased to report that on 18 July 2005 it agreed to sell theTemple Circus office being developed in joint venture in Bristol for £25.75million on completion of construction expected in August 2006. The sevenstorey 91,000 sq. ft. development near Temple Mead Station, is being sold toCorporate Centres GP Ltd, the fund formed by BriTel and Norwich Union andoperated by Morley Fund Management. AIM listed service office providersStonemartin will operate the building on its completion. In Scotland, without advertising having yet commenced, reservations have beentaken for more than half of the 54 residential flats under development atGlasgow Green, Glasgow. In addition to the flats, this development comprises 10further units including four terraced houses being created by the refurbishmentof a listed school house. The reservations include the whole of the first blockof eight flats due to be completed before the end of the current year. Thelarger block of 46 flats is expected to be completed in November 2006. Managing Director Philip Leech said "For a property developer there is nothingfiner than to sell developments a year in advance of completion. In Bristol ithas been obvious from demand that Temple Circus was possibly the largest andcertainly one of the most attractive buildings coming on stream in the nearfuture." The previous trading update on 21 July 2005 included the sale of a joint ventureproperty at 16 Berkeley Street, London for £39.4 million and the sale of aninvestment property acquired with Grosvenor Land Holdings PLC in Maidstone for£6.4 million. At the same time, Terrace Hill also announced the acquisition offurther Brownfield land for potential housing development in Scotland. * * ENDS * * For further information please contact: Ross Macdonald, Deputy Chairman, 07710 459 649Nigel Turnbull, Deputy Chairman 0207 631 1666Alasdair Robinson, Noble & Company Limited, 0131 225 9677 Notes to editors: Terrace Hill Group PLC is an AIM traded Property Group with NAV £74 million. Ithas two divisions, Commercial Development throughout the UK and ResidentialInvestment and Development in Scotland and the North of England, with adevelopment programme of some £600 million. Terrace Hill reported an increaseof over 25% in both NAV and pro-forma Triple NAV to 38.12p per share and 39.99prespectively in the year to 31 October 2004, and an increase in final dividendfrom 0.15p per share to 0.50p per share. Further increases to 39.66p per shareand 44.02p per share respectively together with an interim dividend of 0.5p pershare (previous interim 0.3p) were announced with the Group's half yearly reportto 30 April 2005. This information is provided by RNS The company news service from the London Stock Exchange