Pre-let and development agreement with Asda

RNS Number : 3122M

Terrace Hill Group PLC

15 August 2011

 



15 August 2011

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

Terrace Hill pre-lets Skelton foodstore development site to Asda

Further to its announcement on 18 May 2011, Terrace Hill Group (AIM: THG), a leading UK property developer and investment group, is pleased to report that it has that it has signed a pre-lease and development agreement with Asda to build a new supermarket on the Company's site in Skelton, East Cleveland.

Pre-let to Asda on a 25-year lease term, the proposed scheme will comprise a new supermarket with a net sales area of 25,000 sq ft and a petrol filling station.  Following a very positive public consultation process, the planning application for the development is due to be determined in the autumn and the store could be open by the end of 2012.

Commenting on the deal, Duncan McEwan, Head of Retail at Terrace Hill, said: "This agreement with Asda at Skelton is another example of our ability to attract major foodstore occupiers to our retail sites. We have a growing pipeline of foodstore development sites throughout the Country which continue to attract competitive interest from retailers and which will deliver strong returns for our shareholders."

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For further information please contact:

Philip Leech/Jon Austen                                                                         Tel. [phone]

Terrace Hill Group PLC

David Arch/Gareth Price                                                                         Tel. [phone]

Oriel Securities Limited (NOMAD)

Richard Sunderland/Olivia Goodall/Will Henderson                                    Tel: [phone]

Financial Dynamics                                                                               [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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