CONSTRUCTION OF NORTHERN DESI

RNS Number : 5863V

Terrace Hill Group PLC

04 November 2010

 



4 November 2010

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

TERRACE HILL COMMENCES CONSTRUCTION OF NORTHERN DESIGN CENTRE

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, has commenced construction on the Northern Design Centre at its 50 acre Baltic Business Quarter development in Gateshead.

Terrace Hill is developing the £9.9 million, 60,000 sq ft, four storey building in partnership with One North East and Gateshead Council, who are also providing funding and will ultimately own and operate the property.  The Northern Design Centre will offer 52,000 sq ft of purpose-built office space for start-up, small and expanding companies, together with designated creativity, exhibition and research areas.  It is expected that the building will be ready for occupation in November 2011.

Philip Leech, Chief Executive Officer of Terrace Hill, commented: "The fully funded and pre- sold nature of the Northern Design Centre scheme is a very low risk development for Terrace Hill and reflects our ability to source profitable pre-let and pre-sold development opportunities through our network of regional offices across the U.K. In this way we can grow shareholder value within the business without taking large development risks."

-Ends-

For further information, please visit www.terracehill.co.uk or contact:

Terrace Hill
Philip Leech, CEO	Tel: [phone]
Martin Vickerman	Tel: [phone]
Oriel Securities (Nominated Adviser)	Tel: [phone]
Tom Durie/Gareth Price
Financial Dynamics	Tel: [phone]
Richard Sunderland/Olivia Goodall/Will Henderson	[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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