Last checked at 8 May 2012 07:00
8 May 2012
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Group")
Strong Progress Across Foodstore Development Portfolio
Terrace Hill Group (AIM: THG), a leading UK property development and investment group, announces that it has reached significant milestones at three of its foodstore developments:
Whitchurch, Shropshire
The sale of the Group's site in Whitchurch to Sainsbury's, was completed on 24 April 2012. This follows the award of a detailed planning consent for a supermarket of 50,000 sq ft with a 30,000 sq ft sales area and 300 parking spaces.
Wessington Way, Sunderland
Construction of a new 100,000 sq ft Sainsbury's supermarket, with a sales floor of 60,000 sq ft and a 6 bay petrol filling station, has now started on the Group's site at Wessington Way in Sunderland. The £35 million pre-let development is being funded by Osprey Equity Partners and is scheduled for completion in March 2013.
Skelton, East Cleveland
The planned development of an Asda supermarket at the Group's site in Skelton, East Cleveland, is to proceed following the dismissal of a challenge by the Co-operative Group to the decision to grant planning for the scheme.
The development, which is pre-let to Asda, will comprise a 41,080 sq ft supermarket with a net sales area of 25,000 sq ft, 239 car spaces and a four pump petrol filling station. Construction is planned to start in June 2012 with the opening scheduled for early 2013.
Philip Leech, Chief Executive of Terrace Hill, commented:
"We are making strong progress across our existing portfolio of foodstore developments sites, and there are a number of new opportunities within the foodstore sector which we expect to contract on during the course of the year. Our specialist skills in this sector are providing highly profitable returns for the Group. "
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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
Gareth Price/Mark Young Tel: 020 7710 7600
Oriel Securities (Nominated Adviser)
Richard Sunderland/Olivia Goodall/Will Henderson 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.