Thg Regulatory News (THG)

28 Jun 2007 07:01

Terrace Hill Group PLC28 June 2007 28 June 2007 Terrace Hill Group PLC ("Terrace Hill" or "the Group") Gateshead Baltic Business Quarter Update Terrace Hill, the AIM-listed property group, announces that it has forward solda 19,500 sq ft office building at its pioneering £300 million Baltic BusinessQuarter by the River Tyne at Gateshead to The Open University for £5.25 million.Work will begin on the buildings construction in July 2007 and will be ready foroccupation in April 2008. The Baltic Business Quarter will transform 50 acres of derelict land into athriving commercial community. At the Quarter, Terrace Hill, in partnership withGateshead Council, is also building a speculative 24,000 sq ft office block,which it believes will attract considerable interest and will satisfy thegrowing demand for much-needed quality office space in Newcastle and Gateshead.Furthermore, the Company's development of a new 160,000 sq ft Gateshead Collegeis progressing well and is on schedule to open in January 2008 with the capacityfor 15,000 students. Group Managing Director, Philip Leech, said, "This is very good news for theBaltic Business Quarter, our most prestigious scheme in the North East, and forGateshead itself, highlighting the fact that this development has the capacityto attract quality occupiers from across the country. This and furtherdevelopments at the Quarter are likely to add significantly to the profitabilityof the Company." * * ENDS * * For further information visit www.terracehill.co.uk or contact:Philip Leech, Group Managing Director Tel: 01642 243444Alasdair Robinson, Noble & Company Limited Tel: 0131 225 9677Isabel Crossley, St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to editors: Terrace Hill Group PLC is an AIM-listed property group with three key divisions:Commercial Development, Residential Investment and Development and HouseBuilding. It has a total development programme of £1.3bn and a marketcapitalisation of around £200m. This information is provided by RNS The company news service from the London Stock Exchange