Portfolio activity update

RNS Number : 4419V

Terrace Hill Group PLC

10 July 2009

 



10 July 2009

TERRACE HILL GROUP PLC

('Terrace Hill' or the 'Company')

TERRACE HILL ANNOUNCES BRISTOL AND EASTBOURNE LETTINGS

- Completion and launch of Phase Two, Brabazon Office Park,

with handover of forward sold building -

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has secured around 17,000 sq ft of lettings, totalling over £155,000 pa, at its Brampton Industrial and Trade Park, Eastbourne, and Canningford House, Bristol, projects. The Company also announces the handover of an 8,000 sq ft office building, following a forward sale to Sovereign Housing which completed in May 2009, and the conclusion of Phase Two of Brabazon Office Park.

Brampton Industrial and Trade Park

Terrace Hill has let 7,909 sq ft to Menzies Distribution Ltd, a leading UK distributer of newspapers and magazines, who have signed a five-year lease at a rent of £59,317 per annum, equating to £7.50 per sq ft.  

Canningford House

Terrace Hill has completed two new leases and the renewal of an existing lease, for a total of around 9,000 sq ft and over £95,000 of annualised income, at its Canningford House office scheme, 38 Victoria Street, Bristol, securing short-term income ahead of redevelopment.

Lyons Davidson, the Bristol-based national law practise, has taken new five year leases on a total of 6,725 sq ft of office space at the property, with three year break clauses, at a combined rent of £62,517 per annum. These lettings comprise the renewal of 4,250 sq ft on the first floor of the building and an additional lease on 2,475 sq ft on the second floor.  Furthermore, it has agreed a rent of £10,140 pa on eight extra car parking spaces.  

In addition, the entire fourth floor of the property has been let to Turning Point, the UK's leading Social Care Organisation, on a new three-year lease over 2,056 sq ft of office space from 31 March 2009 at a rent of £22,616, with an 18-month break clause.

Brabazon Office Park

Terrace Hill has completed construction of and launched the second and final phase of Brabazon Office Park, its 2.70 acre office scheme located in Filton, North Bristol. Brabazon provides a total of 45,000 sq ft in a range of self-contained buildings of between 1,825 sq ft and 9,500 sq ft. With the recent handover of an 8,000 sq ft building, forward purchased by Sovereign Housing for £1.85 million, over 41% of the project is now occupied

Commenting on the letting, Philip Leech, Chief Executive of Terrace Hill, said:

'Following on from the announcements last week that we had successfully secured large lettings at Manhattan Gate and 129 Wilton Road, these latest deals further demonstrate our ability to attract new high profile tenants to our schemes, and to add value for our shareholders.'

Commenting on the Bristol lettings, Adam Pratt, Development Director of Terrace Hill, adds:

'These deals at Canningford House are key in strategically securing the short term income streams of this office building while we finalise plans for this exciting city centre regeneration project.'  

-Ends-

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

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

Oriel Securities (Nominated Adviser)                  Tel: [phone]

Richard Crawley

Daniel Conti

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

Notes to editors:

Brampton Industrial and Trade Park

Brampton Industrial and Trade Park, located on the Hampden Park Industrial Estate, the prime industrial area in Eastbourne, comprises a 108,415 sq ft trade counter and industrial development across 17 units, including 179 car parking spaces. All the industrial units have been sold, totalling 76,388 sq ft.  Three units, comprising 14,396 sq ft of trade park accommodation, remain available to let.

Canningford House

Built in the 1960's, Canningford House comprises approximately 20,000 sq ft of office space, arranged over six storeys, with a large car park to the rear. Existing tenants at the building include Action for ME, Jenkins & Potter and Age Concern.  Following these latest lettings, the property is 90% let, producing an annualised income of £198,553.  Acquired by Terrace Hill in 2007, the central Bristol site has been earmarked for redevelopment with draft proposals for a mixed-use scheme of 40,000 sq ft of office space and 10 residential flats.

Brabazon Office Park

Brabazon Office Park is a 2.70 acre office scheme located in Filton, North Bristol, and comprises a total of 45,000 sq ft in a variety of self-contained buildings ranging between 1,820 sq ft and 9,500 sq ft. Built over two phases, completed in May 2007 and June 2009 consecutively, the scheme is now approximately 41% let, with 26,378 sq ft remaining, arranged over seven units. 

Terrace Hill Group

Terrace Hill Group PLC is an AIM-listed property development and investment group with three key divisions: 

• Commercial development and investment

• Residential investment 

• Housebuilding.

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 housebuilding business in Scotland.

 

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