Acquisition of Foodstore Development Site

RNS Number : 2144J

Terrace Hill Group PLC

28 June 2011

 



28 June 2011

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

TERRACE HILL ACQUIRES FOODSTORE DEVELOPMENT SITE IN SEDGEFIELD, COUNTY DURHAM

Terrace Hill Group (AIM: THG), a leading UK property developer and investment group, announces that it has exchanged contracts to acquire a development site in Sedgefield, County Durham. The site extends to 7.1 acres and the acquisition is subject to obtaining planning for a 50,000 sqft (Gross Internal Area) foodstore and the signing of a pre-let.

There is currently no major foodstore in Sedgefield and the Company expects that the plans will receive strong support from the local community. Terrace Hill will be initiating a public consultation process at the end of June 2011, with a view to submitting a planning application by the end of August which should allow for a decision to be made within the first quarter of 2012.

Commenting on the acquisition, Duncan McEwan, Head of Retail at Terrace Hill, said:  "The Exchange of Contracts on this site follows a detailed analysis of the town, where there is a serious under provision of convenience retailing and, consequently, a strong interest from the retail operators. We continue to see healthy demand from the major supermarkets for the development of new stores in such locations and have established an excellent track record of sourcing suitable sites and securing the appropriate planning.  This acquisition, together with the recent announcements in relation to sites in Prestwich and Herne Bay, underlines Terrace Hill's ongoing focus on the foodstore sector, and we expect to announce further foodstore acquisitions in the coming months as we continue to build a strong position in this important sector."

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For further information please contact:

Philip Leech/Jon Austen                                                                         Tel. [phone]

Terrace Hill Group PLC

David Arch/Gareth Price                                                                         Tel. [phone]

Oriel Securities Limited (NOMAD)

Richard Sunderland/Olivia Goodall/Will Henderson                                    Tel: [phone]

Financial Dynamics                                                                               [e-mail]

Notes to editors:

Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM, with two key divisions:

§ Commercial development

§ Residential investment.

Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester, managing a commercial development programme and a residential investment portfolio.

 

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