Last checked at 19 Dec 2013 07:00
19 December 2013
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
TERRACE HILL SECURES PLANNING CONSENT FOR £30 MILLION
FEETHAMS LEISURE SCHEME IN DARLINGTON
Terrace Hill, a leading UK property development and investment group, announces that Darlington Borough Council's Planning Committee has granted planning permission for Feethams Leisure, a £30 million project that will regenerate a 1.9 acre former bus station in Darlington town centre into a cinema, hotel and restaurant complex. As a result of the decision, Terrace Hill intends to commence development by mid next year with completion expected in autumn 2015.
The scheme, which will create around 500 new jobs, will be anchored by a nine screen multiplex Vue cinema and include an 80 bed Premier Inn Hotel, as well as a number of restaurants, bars and shops. Lettings have already been secured to national operators Nandos and Prezzo, with two further restaurant units under offer to other national brands.
Philip Leech, Chief Executive of Terrace Hill, commented: "We are working on a number of planned leisure development schemes across the UK. Leisure is a sector with strong occupier demand and with regional economies starting to improve we forsee increasing opportunities for us in this area. Our network of regional offices also gives us unique insight into this market."
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For further information please visit www.terracehill.co.uk or contact:
Philip Leech/Jon Austen Tel. 020 7631 1666
Terrace Hill Group PLC
David Arch/Mark Young Tel: 020 7710 7600
Oriel Securities (Nominated Adviser)
Richard Sunderland/Will Henderson/Nick Taylor Tel: 020 7831 3113
FTI Consulting terracehill@fticonsulting.com
Notes to editors: Terrace Hill Group
Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM. Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester.