Development agreement

RNS Number : 9144T

Terrace Hill Group PLC

06 October 2010

 



6 October 2010

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

TERRACE HILL CONFIRMS DEVELOPMENT AGREEMENT WITH SAINSBURY'S

IN SUNDERLAND

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has signed a pre-lease and development agreement with Sainsbury's to build a new supermarket in Sunderland.

Pre-let to Sainsbury's, the proposed scheme will comprise a supermarket with a 60,000 sq ft sales area and a petrol filling station, on a site currently occupied by Jennings Car Retailers in the north of the City.

Terrace Hill is currently in pre-application discussions with Sunderland City Council and will undertake a public consultation to hear the views of the local community in advance of a planning application being submitted to the council later this year. The transaction, including the acquisition of the site, is conditional upon receipt of final planning consent. 

The proposed scheme at Sunderland is another example of the Company's expanding portfolio of supermarket development work throughout the UK. The agreement follows a number of recent successful partnerships between Terrace Hill and Sainsbury's on other schemes, including developments in Bishop Auckland, County Durham and Helston, Cornwall.

Philip Leech, Chief Executive of Terrace Hill, comments

"I am pleased to be able to announce that we have signed another conditional pre-let to Sainsbury's, which further underlines our ability to identify and deliver strategic supermarket developments that are attractive to leading retailers. This development in Sunderland is a substantial scheme that forms part of our growing pipeline of foodstore developments throughout the country and should deliver further future value to our shareholders."

-Ends-

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

Terrace Hill                                                                           Tel: [phone]
Philip Leech/Jon Austen

Financial Dynamics                                                               Tel: [phone]
Richard Sunderland/Olivia Goodall                                         [e-mail]

Oriel Securities (Nominated Adviser)                               Tel: [phone]

Tom Durie

Mark Young

Gareth Price

Notes to editors:

Terrace Hill Group

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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