Thg Regulatory News (THG)

7 May 2008 07:00

Terrace Hill Group PLC07 May 2008 7 May 2008 Terrace Hill Group plc ('Terrace Hill' or 'the Group') Trading Update Terrace Hill, the AIM-listed property group, is pleased to announce that it hascontinued to make good progress across its property development portfolio. Inparticular, it has let a 53,584 sq ft office building to Biogen Idec at VanwellBusiness Park in Maidenhead on a new 15-year lease at an annual rent of £1.6million. Additionally, the Group has received a resolution to grant planningconsent for its 1.7 acre mixed use scheme in Southampton city centre andsubmitted an outline planning application for a new 55,000 sq ft Sainsburysupermarket in Cornwall. Further details are as follows: • At Vanwall Business Park, Maidenhead, the Group has let one of the two office buildings to Biogen Idec on a 15-year lease at an annual rent of £1.6 million (£30 psf). The biological and medical research firm has taken the entire 53,584 sq ft (4,978 sq m) Quantum 2 building for its new U.K. headquarters. The other building in the scheme, Quantum 1, is being developed speculatively to provide 70,000 sq ft (6,503 sq m) of grade A office space and will be launched on 14 May. It is generating considerable interest from major occupiers. The scheme is a joint venture with DevCap Partnership. • The Group has received a resolution to grant planning consent, subject to a s.106 agreement for a mixed use scheme on its 1.7 acre site in Southampton city centre called Mayflower Plaza. The scheme will comprise 116,928 sq ft of office space, a 150 bedroom hotel and 180 residential apartments. • Terrace Hill has submitted an outline planning application for a new 55,000 sq ft Sainsbury superstore at Helston in Cornwall. It proposes to build the supermarket on a five acre site next to a large theme park, the Flambards Experience, to the south of the town. The planning application is due to be heard this summer. • The Group has launched a new speculatively built 61,452 sq ft Grade A office scheme at 129 Wilton Road, adjacent to London's Victoria station. This is already generating interest as there is considerable demand from both the private and public sector for Grade A office space around Victoria. 129 Wilton Road is part of the Davis House mixed-use scheme, which includes 38 residential units, which have been sold and a retail unit fronting Wilton Road. • At Aeropark, the Group's mixed use business park development in Farnborough, Terrace Hill has sold a 2,975 sq ft office unit with two acres of land to the Driving Standards Agency for £3.305 million. The whole business park will provide up to 350,000 sq ft for development. Chief Executive Philip Leech said, "We are delighted to have secured Biogen Idecas tenants for the first building at Quantum in Maidenhead. This letting istestament to the high quality of our developments and the underlying appetitefrom occupiers for well located and good quality office buildings resulting incontinued reasonable levels of occupier demand across our portfolio. Thesehighlights and other progress across our business will continue to enhancereturns for shareholders." * * ENDS * * For further information please visit www.terracehill.co.uk or contact: Philip Leech, Chief Executive Tel: 020 7631 1666Scott Richardson Brown/Luke Webster, Oriel Securities Limited Tel: 020 7710 7600Isabel Crossley/Susie Callear, St Brides Media & Finance Ltd Tel: 020 7236 1177 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 £1.3 billion. This information is provided by RNS The company news service from the London Stock Exchange