Thg Regulatory News (THG)

15 Nov 2005 07:00

Terrace Hill Group PLC15 November 2005 TERRACE HILL GROUP PLC ("Terrace Hill") Trading Update New financial year starts with early activity Terrace Hill announces the acquisition of a site at Filton, Bristol anddevelopment land in Scotland. At Filton in Bristol, Terrace Hill announces that it has exchanged contracts toacquire a 2.6 acre site on which it plans to develop 42,000 sq ft of smalloffices with a view to freehold sales with a completed value in excess of £10million. The development is planned to be carried out in two phases with starton site of the first phase of nine buildings early in the New Year. Philip Leech, Managing Director, commented "The North Bristol office market forsmall units is seeing good demand, and there are no other similar schemes in thevicinity. This latest acquisition takes our expanding development programme toaround £650 million including joint venture projects. We believe that this willbe a powerful engine for Terrace Hill's significant continuing growth in triplenet asset value." Terrace Hill has also added to its landbank for future residential developmentin Scotland, with the acquisition of further land in West Lothian, extending toaround six acres. It has also submitted a planning application for thedevelopment of 174 detached houses at one of its sites at Torbothie Road,Shotts, Lanarkshire on which it is hoped to start development in 2006. Robert Adair, Chairman commented "We are making important progress in expandingour residential development activities in Scotland: currently we have, alone andin joint venture, sites with potential for around 1,100 new homes. I believethis will make a very material contribution towards our future growth". * * ENDS * * For further information please contact: Philip Leech, Terrace Hill Managing Director Tel: 01642 243 444 Alasdair Robinson, Noble & Company Limited Tel: 0131 225 9677 Isabel Crossley, St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to editors: Terrace Hill Group PLC is an AIM traded Property Group with NAV £74 million. Ithas two divisions, Commercial Development throughout the UK and ResidentialInvestment and Development in Scotland and the North of England, with adevelopment programme of some £650 million. Terrace Hill reported an increaseof over 25% in both NAV and pro-forma Triple NAV to 38.12p per share and 39.99prespectively in the year to 31 October 2004, and an increase in final dividendfrom 0.15p per share to 0.50p per share. Further increases to 39.66p per shareand 44.02p per share respectively together with an interim dividend of 0.5p pershare (previous interim 0.3p) were announced with the Group's half yearly reportto 30 April 2005. This information is provided by RNS The company news service from the London Stock Exchange