Strong Progress Across Foodstore Developments

RNS Number : 8040C

Terrace Hill Group PLC

08 May 2012

 



8 May 2012

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Group")

Strong Progress Across Foodstore Development Portfolio

Terrace Hill Group (AIM: THG), a leading UK property development and investment group, announces that it has reached significant milestones at three of its foodstore developments:

Whitchurch, Shropshire

The sale of the Group's site in Whitchurch to Sainsbury's, was completed on 24 April 2012. This follows the award of a detailed planning consent for a supermarket of 50,000 sq ft with a 30,000 sq ft sales area and 300 parking spaces.

Wessington Way, Sunderland 

Construction of a new 100,000 sq ft Sainsbury's supermarket, with a sales floor of 60,000 sq ft and a 6 bay petrol filling station, has now started on the Group's site at Wessington Way in Sunderland.  The £35 million pre-let development is being funded by Osprey Equity Partners and is scheduled for completion in March 2013.

Skelton, East Cleveland

The planned development of an Asda supermarket at the Group's site in Skelton, East Cleveland, is to proceed following the dismissal of a challenge by the Co-operative Group to the decision to grant planning for the scheme.

The development, which is pre-let to Asda, will comprise a 41,080 sq ft supermarket with a net sales area of 25,000 sq ft, 239 car spaces and a four pump petrol filling station.  Construction is planned to start in June 2012 with the opening scheduled for early 2013.

Philip Leech, Chief Executive of Terrace Hill, commented:

"We are making strong progress across our existing portfolio of foodstore developments sites, and there are a number of new opportunities within the foodstore sector which we expect to contract on during the course of the year. Our specialist skills in this sector are providing highly profitable returns for the Group. "

-Ends-

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

Philip Leech/Jon Austen                                                                         Tel. [phone]

Terrace Hill Group PLC

Gareth Price/Mark Young                                                                       Tel: [phone]

Oriel Securities (Nominated Adviser)                              

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

FTI Consulting                                                                                     [e-mail]

Notes to editors:

Terrace Hill Group

Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM.  Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester.

 

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