Thg Regulatory News (THG)

3 Oct 2005 07:00

Terrace Hill Group PLC03 October 2005 TERRACE HILL GROUP PLC ("Terrace Hill" or "the Group") Further Trading Update Terrace Hill is pleased to report continued progress through the summer monthsof August and September. The Group has purchased a vacant 5.1 acre industrial site for redevelopment onBrampton Road in Eastbourne, East Sussex, and has submitted a planningapplication for a 108,000 sq. ft. mixed use industrial and trade counter scheme. At the recently acquired 20 acre site at Pinewoods, Wokingham, Terrace Hill hasreceived detailed planning permission for the development of 129,000 sq. ft. ofoffices and a 26,000 sq. ft nursing home. Moving north, at Teesside, Terrace Hill has entered into contracts with StocktonRiverside College for a college building extension at Teesdale Business Park,with a value of £3.5 million. In Newcastle on Gallowgate, Terrace Hill is to develop a prestige 83,141 sq. ftseven storey office building. Demolition has just been completed of theredundant office block on the site and tenders for construction have beenreceived. Completion is estimated in spring 2007. At Blyth, Northumberland, where planning permission was received this summer,Terrace Hill has agreed to lease to Homebase a substantial unit to be the anchorstore in a 56,000 sq. ft. retail warehouse development. Group Managing Director Philip Leech said: "We had a good third quarter to theend of July and our ability to move quickly on deals has ensured the continuedgrowth of both our commercial development and residential land developmentdivisions. This growth will be reflected in the Group's financial performanceand future shareholder value." * * ENDS * * For further information please contact: Philip Leech, Managing Director, 0207 631 1666Robert Adair, Chairman, 01845 537 037Alasdair Robinson, Noble & Company Limited, 0131 225 9677Isabel Crossley, St Brides Media & Finance Limited, 020 7242 4477 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