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10 Jul 2009 07:00
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10Β JulyΒ 2009
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
TERRACE HILL ANNOUNCESΒ BRISTOLΒ ANDΒ EASTBOURNEΒ LETTINGS
-Β Completion and launch of Phase Two, Brabazon Office Park,
withΒ handoverΒ ofΒ forward sold building -
Terrace Hill Group plc (AIM: THG), a leading UK property development and investmentΒ group,Β announcesΒ that it hasΒ securedΒ around 17,000 sq ft ofΒ lettings, totalling over Β£155,000 pa,Β atΒ itsΒ Brampton Industrial and Trade Park, Eastbourne, and Canningford House,Β Bristol,Β projects. The Company also announces the handover of anΒ 8,000 sq ft office building,Β following aΒ forwardΒ saleΒ toΒ Sovereign HousingΒ which completed in May 2009, and the conclusionΒ of Phase Two of Brabazon Office Park.
BramptonΒ Industrial andΒ TradeΒ Park
Terrace Hill has let 7,909 sq ft toΒ Menzies DistributionΒ Ltd, a leadingΒ UKΒ distributerΒ ofΒ newspapersΒ and magazines, who have signedΒ a five-yearΒ leaseΒ at a rent ofΒ Β£59,317 per annum,Β equating to Β£7.50 per sq ft.
Canningford House
Terrace HillΒ hasΒ completedΒ twoΒ newΒ leasesΒ andΒ theΒ renewalΒ of an existingΒ lease,Β for aΒ totalΒ of aroundΒ 9,000 sq ftΒ andΒ overΒ Β£95,000Β ofΒ annualisedΒ income,Β at its Canningford HouseΒ office scheme,Β 38 Victoria Street,Β Bristol, securing short-term income ahead of redevelopment.
Lyons Davidson,Β the Bristol-based national law practise, has taken new five year leases on a total of 6,725 sq ft of office space at the property, with three year break clauses, at a combined rent of Β£62,517 per annum. These lettings compriseΒ theΒ renewalΒ ofΒ 4,250 sq ft on theΒ first floorΒ of the building andΒ an additional lease onΒ 2,475 sq ftΒ on the second floor. Furthermore, it has agreedΒ a rent of Β£10,140Β pa onΒ eight extra car parking spaces.
In addition, theΒ entireΒ fourth floorΒ of the propertyΒ has beenΒ letΒ toΒ Turning Point, the UK's leading Social Care Organisation, onΒ aΒ newΒ three-year leaseΒ overΒ 2,056 sq ftΒ ofΒ office space from 31 March 2009Β at a rent of Β£22,616,Β with an 18-month break clause.
BrabazonΒ Office Park
Terrace Hill hasΒ completed construction of andΒ launchedΒ the second and final phase ofΒ BrabazonΒ Office Park, itsΒ 2.70 acreΒ office scheme located in Filton,Β NorthΒ Bristol. Brabazon provides a total of 45,000 sqΒ ft in a range of self-contained buildings ofΒ betweenΒ 1,825 sqΒ ftΒ andΒ 9,500 sqΒ ft. With the recent handover of an 8,000 sqΒ ft building,Β forwardΒ purchased by Sovereign Housing for Β£1.85Β million,Β over 41%Β of the project is now occupied
Commenting on the letting, Philip Leech, Chief Executive of Terrace Hill, said:
"Following on from the announcementsΒ lastΒ week thatΒ we had successfullyΒ securedΒ large lettings atΒ Manhattan Gate andΒ 129 Wilton Road, theseΒ latest deals further demonstrate our ability to attract new high profile tenants to our schemes,Β and to add value for our shareholders."
Commenting on theΒ BristolΒ lettings,Β Adam Pratt,Β DevelopmentΒ Director of Terrace Hill,Β adds:
"TheseΒ dealsΒ at Canningford HouseΒ are keyΒ inΒ strategically securing the short term income streams of this office building while weΒ finaliseΒ plansΒ forΒ thisΒ excitingΒ cityΒ centre regeneration project."
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-Ends-
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For further information, please visit www.terracehill.co.uk or contact:
Terrace Hill Tel: 020 7631 1666 Philip Leech/Jon AustenΒ
Oriel Securities (Nominated Adviser)Β Tel: 020 7710 7600
Richard Crawley
Daniel Conti
Financial Dynamics Tel: 020 7831 3113Richard Sunderland/Olivia Goodall terracehill@fd.com
Notes to editors:
BramptonΒ Industrial andΒ TradeΒ Park
Brampton Industrial andΒ TradeΒ Park, located on the Hampden Park Industrial Estate, the prime industrial area inΒ Eastbourne, comprises a 108,415 sq ft trade counter and industrial development across 17 units, including 179 car parking spaces. All the industrial units have been sold, totallingΒ 76,388 sq ft. Three units, comprisingΒ 14,396Β sqΒ ftΒ ofΒ trade park accommodation,Β remainΒ availableΒ to let.
Canningford House
Built in the 1960's, Canningford House comprises approximately 20,000 sq ft of office space, arranged over six storeys, with a large car park to the rear. Existing tenants at the buildingΒ includeΒ Action for ME, Jenkins & Potter and Age Concern. Following these latest lettings, the property isΒ 90% let, producing an annualised incomeΒ of Β£198,553. Acquired by Terrace Hill in 2007, the centralΒ BristolΒ site has been earmarked for redevelopmentΒ with draft proposals for a mixed-use scheme of 40,000 sq ft of office space and 10 residential flats.
BrabazonΒ Office Park
BrabazonΒ Office ParkΒ is a 2.70 acre office scheme located in Filton,Β North Bristol, and comprises a total of 45,000 sq ft in a variety of self-contained buildings ranging between 1,820Β sq ft and 9,500 sq ft. Built over two phases, completedΒ inΒ MayΒ 2007Β andΒ JuneΒ 2009Β consecutively, the scheme is now approximatelyΒ 41%Β let, withΒ 26,378 sq ft remaining, arranged over seven units.Β
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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