Lettings

RNS Number : 6252D

Terrace Hill Group PLC

25 March 2011

 



25 March 2011

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

TERRACE HILL LETS FURTHER SPACE AT ITS MAIDENHEAD OFFICE SCHEME

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has secured two new lettings totalling approximately 19,000 sq ft at Quantum, its office scheme in Maidenhead, Berkshire, generating an additional annualised income of over £485,000 for the scheme.

Comprising the entire first floor of Quantum 1, the Company has let over 11,000 sq ft to a global pharmaceutical company and 7,680 sq ft to Seagate, the hard disk drive and storage solutions provider.  The lettings were secured on 10 year leases and reflect headline rents of £26 per sq ft.  Other tenants at Quantum include Biogen Idec and Compuware.

Philip Leech, Chief Executive of Terrace Hill, comments:  "The office occupational market in the Thames Valley has been challenging over the past three years however these recent lettings demonstrate our ability to attract tenants to our high quality developments at good rental values." 

Parkinson Brown and JLL advised Terrace Hill on these lettings, whilst Seagate was advised by Colliers CRE.

-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]

David Arch

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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