Acquisition

RNS Number : 3367I

Terrace Hill Group PLC

10 March 2010

 



10 March 2010

TERRACE HILL GROUP PLC

("Terrace Hill", the "Company" or the "Group")

Two Sites Acquired for New Food Store Developments and

Planning Application Submitted for Heaton Park Redevelopment

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, has exchanged conditional contracts to acquire two new sites for supermarket developments, located in Sunderland and in Whitchurch, Shropshire, and also submitted a planning application to redevelop Heaton Park Retail Park in Manchester. 

Sunderland

Terrace Hill has exchanged conditional contracts to acquire a six acre site in a prominent location in Sunderland and a planning application for a 60,000 sq ft supermarket will be submitted shortly. Pre-letting discussions are at an advanced stage with a major supermarket operator.

Whitchurch, Shropshire

The Company has also exchanged conditional contracts to acquire a nine acre site in Whitchurch, Shropshire which it intends to develop into a 40,000 sq ft supermarket.  Terrace Hill is currently in negotiations with potential supermarket tenants for the site and will submit a planning application later this year.

Heaton Park, Manchester

Terrace Hill has submitted a planning application to redevelop Heaton Retail Park in Manchester and the adjoining existing Sainsbury's supermarket into a 80,000 sq ft Sainsbury's superstore, together with three smaller retail units.

Philip Leech, Chief Executive of Terrace Hill, commented: "The acquisition of these two new sites and the planning submission at Heaton Park further demonstrates our expertise in, and successful track record of, identifying and delivering high quality supermarket developments. These follow our recent successful supermarket developments at Bishop Auckland and Helston.  Large format food store development is one of our core business areas and our pipeline of new opportunities will continue to add value to the Group for our shareholders." 

- Ends -

For further information:

Terrace Hill                                                                                         
Philip Leech, CEO                                                                                                         Tel: [phone]

Duncan McEwan, Retail Director                                                                                     Tel: [phone]

Oriel Securities (Nominated Adviser)                                                                                                           Tel: [phone]

Mark Young/Gareth Price

Financial Dynamics                                                                                                     Tel: [phone]

Richard Sunderland/Rachel Drysdale                                                                               [e-mail]

Notes to editors:

Terrace Hill Group

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

·      Commercial development and investment

·      Residential investment

·      Strategic land.

Formed in 1986, the Company has four offices in London, Glasgow, Teesside and Bristol, managing a commercial development programme, commercial and residential investment portfolios and a strategic land portfolio in Scotland.

 

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