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20 Jul 2009 07:00
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20Β JulyΒ 2009
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
TERRACE HILLΒ ATTRACTS SOFTWARE FIRMS TO
ITSΒ COVENT GARDENΒ ANDΒ MAIDENHEADΒ SCHEMES
Terrace Hill Group plc (AIM: THG), a leading UK property development and investmentΒ group,Β announcesΒ thatΒ it hasΒ made two furtherΒ lettings totallingΒ approximatelyΒ 29,000 sq ftΒ at itsΒ Maidenhead andΒ Covent GardenΒ office schemes, securing a total annualised income of over Β£775,000.
In partnership with DevCap, the Company has let 26,000 sq ft at Quantum, its JV office scheme in Maidenhead, Berkshire, to Compuware, the US-based global software firm. It has also re-let an entire floor at 6 Kean Street, Covent Garden, London, to global e-commerce provider, ChannelAdvisor, having simultaneously negotiated the surrender of the existing occupier's lease.
QUANTUM, MAIDENHEAD
Compuware has taken the entire second floor and part of the third floor of Quantum 1 as its new UK headquarters, relocating from its current premises in Slough. It has acquired the space on a 10-year lease at a rent of Β£650,000 per annum, equating to Β£25 per sq ft.
CompletedΒ in 2008, Quantum comprises twoΒ buildings, Quantum 1 and Quantum 2,Β with aΒ totalΒ ofΒ 123,540 sq ft Grade A office spaceΒ setΒ inΒ a landscaped site ofΒ threeΒ acres. Quantum 1 encompasses 69,956 sq ftΒ GIAΒ and is arranged overΒ four floors. This letting follows the successful pre-let ofΒ the whole ofΒ Quantum 2 to Biogen Idec lastΒ year.
6 KEAN STREET,Β COVENT GARDEN
Terrace Hill has let the entire fifth floor of the building, comprising 2,993 sq ft NIA, to ChannelAdvisor, having negotiated the surrender of the lease held by the existing tenant, Asset Services London Ltd. ChannelAdvisor, which moves from its previous UK headquarters in Richmond, takes the space on a five-year lease at a rent of Β£127,200 pa, equating to Β£42.50Β per sq ft.
Situated on the eastern boundary of Covent Garden and close to Holborn tube station, 6 Kean Street comprises a 26,000 sq ft prime Grade A office development arranged over the basement and nine upper-storeys, together with two retail units fronting Kingsway. Completed by Terrace Hill in November 2007, the property is multi-let to a number of high profile tenants, including Barrow Cadbury Trust and Virgin Green Fund (VGF Advisors UK LLP). The retailer units are occupied by Costa Coffee and Adecco. Currently just one floor remains vacant at the building, totalling 2,953 sq ft on third floor.
Philip Leech,Β Chief Executive of Terrace Hill, said:Β
"In conjunction with the recent successful activity of lettings in Victoria, Eastbourne and Bristol, these two latest deals further strengthen the Group's income stream and underlines our ability to create value through the active asset management of our existing portfolio. We also believe that our recent deals confirm that occupier appetite still exists across the UK for good quality office space."
Β
-Ends-
For further information, please visit www.terracehill.co.uk or contact:
Terrace Hill Tel: 020 7631 1666 Philip Leech/Jon AustenΒ
Financial Dynamics Tel: 020 7831 3113Richard Sunderland/Olivia Goodall terracehill@fd.com
Notes to editors:
Terrace Hill Group
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 a commercial development programme, commercial and residential investment portfolios and a housebuilding business inΒ Scotland.
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