Thg Regulatory News (THG)

1 Oct 2007 07:01

Terrace Hill Group PLC01 October 2007 Terrace Hill Group plc ('Terrace Hill' or 'the Group') Trading Update Terrace Hill, the AIM-listed property group, is pleased to announce that tradingcontinues to be buoyant and that activity levels across all divisions remainhigh. Particular highlights include the letting of a 237,000 sq ft warehouse inRedditch, the acquisition of a retail warehouse development site in Ashingtonand Terrace Hill's appointment as preferred developer for an urban regenerationscheme in Middlesbrough. The key details for each of these recent trading developments are as follows: •The letting of Redd42, a 237,000 sq ft high bay distribution warehouse development at Ravensbank Business Park in Redditch, West Midlands, to iForce Limited at an initial rent of £5.75 per sq ft. iForce Limited will use the unit as the national e-fulfilment centre for John Lewis Direct. Development of the site, following planning approval to increase its capacity, was completed in October 2006. This property is held within the Terrace Hill Development Partnership. •The conditional acquisition of a 3.3 acre retail warehouse development site from Asda in Ashington town centre in Northumberland for a net purchase price of £4 million. A planning application has been submitted for 30,000 sq ft of retail floor space, which would allow fashion and other high street uses within the development. The acquisition will complete once planning consent has been granted. The site has the potential to be extended to accommodate up to 100,000 sq ft of additional retail space through an agreement with the Local Authority. •The appointment of Terrace Hill as preferred developer of an urban regeneration scheme in the centre of Middlesbrough known as Central Gardens. The landowner, Middlesbrough Borough Council, has appointed Terrace Hill to create a phased development, which will include up to 130,000 sq ft of offices and a 100 bedroom hotel. Master planning of the site is currently underway. Group Managing Director Philip Leech said, "We continue to see strength in theletting markets for good quality property in the right locations. Our emphasison developing to the best specifications in strategic locations has once againbeen borne out by the substantial letting at Redditch. Our ability to add valuethrough the development process should help the Company's ADNAV to grow in thecoming year." * * ENDS * * For further information please visit www.terracehill.co.uk or contact: Philip Leech, Group Managing Director Tel: 01642 243444 Nick Athanas, Noble & Company Limited Tel: 020 7763 2200 Isabel 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 £180 million. This information is provided by RNS The company news service from the London Stock Exchange