Thg Regulatory News (THG)

14 Dec 2005 07:01

Terrace Hill Group PLC14 December 2005 14 December 2005 Terrace Hill Group PLC ("Terrace Hill" or "the Group") Trading Update Terrace Hill, the AIM-listed property development and investment company, ispleased to announce that the Group continues to make strong progress withsignificant lettings achieved at its Swansea Waterfront development and at thePowerhub Centre in Crawley. The Group's 70,000 Cyprium office development at the SA1 Swansea Waterfront hasbeen pre-let to the Welsh Development Agency ('WDA') which has sublet theproperty to Admiral Insurance Services Limited for 15 years at £12.75 sq ft.Last month the Group completed the first 40,000 sq ft and has now starteddeveloping the remaining 30,000 sq ft, which is scheduled for completion in2006. A further 30,000 sq is also planned for development which will addfurther value to the project and contribute to increasing the Group's Triple NetAsset Value. At The Powerhub Centre in Crawley, Terrace Hill has leased 22,000 sq ft and 3.5acres open storage land to WTB Holdings trading as "Burdens" ('WTB') builder'smerchants and wholesalers. WTB is paying £300,000 per annum for 20 years withfive-yearly upward only rent reviews. The first two reviews are fixed at 2.5%per annum compounded. Managing Director Philip Leech said: "SA1 is a terrific 100 acre watersideregeneration project that has attracted Admiral as a first class tenant. We aredelighted to be working with the WDA on its first commercial phase, which webelieve will add significant value to the Group. "We acquired the Crawley Powerhub Centre as part of the Grosvenor acquisition in2004 and securing a first class tenant has added considerable value. We have animpressive £820 million development programme and believe that the Group has avery exciting future." * * ENDS * * For further information please contact: Philip Leech, Group Managing Director Tel: 01642 243444Nick Athanas, 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 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 £820 million with approaching £335 million underway.Terrace Hill reported an increase of over 25% in both NAV and pro-forma TripleNAV to 38.12p per share and 39.99p respectively in the year to 31 October 2004,and an increase in final dividend from 0.15p per share to 0.50p per share.Further increases to 39.66p per share and 44.02p per share respectively togetherwith an interim dividend of 0.5p per share (previous interims 0.3p) wereannounced with the Group's half yearly report to 30 April 2005. This information is provided by RNS The company news service from the London Stock Exchange