Terrace Hill Group PLC
24 October 2006
24 October 2006
Terrace Hill Group plc ('Terrace Hill' or 'the Group')
Trading Update
Terrace Hill, the AIM-listed property group, is pleased to announce a trading
update, which includes the Group contracting to acquire a large office
development site in Hammersmith, commencing the refurbishment of an office
building in Kingsway, London, and receiving planning consent for two key
developments in the North East.
The key details for each of these recent trading developments are as follows:
• The Group has purchased an option to acquire a prominent office development
site overlooking the River Thames in Hammersmith. The site, close to
Hammersmith Bridge and the Riverside Studios, has the potential to
accommodate a new office building of 110,000 sq ft with retail units
fronting a new riverside walkway. It is expected that construction will
commence towards the middle of next year and the scheme will have a
completed investment value of around £60m;
• On Kingsway in London's mid town, Terrace Hill has commenced the
refurbishment of a 24,600 sq ft office building with ground floor retail.
The development is being carried out in joint venture with Close Brothers
and completion is programmed for summer 2007. The development will have a
completed investment value of approximately £16m;
• At the Thanet Reach Business Park the final phase of Terrace Hill's
industrial development has been sold for £1.1m to a private investor;
• At the Group's Brampton Road Industrial Estate in Eastbourne a pre-sale
contract has been exchanged with Safestore for a 22,290 sq ft unit at a
value of approximately £2.5m;
• The Group has sold a 42,250 sq ft industrial development at Decimus Park
in Tunbridge Wells to investors of CBRE for £4.95m;
• The Group has completed the sale of its industrial development in
Crawley for £5.95m to a private investor;
• In the North East, at Terrace Hill's industrial site in Bishop Auckland,
outline planning consent has been received for a change of use to bulky
goods retail warehousing, which includes a 55,000 sq ft store, a
15,000 sq ft garden centre and 10,000 sq ft builder's yard; and
• At Teesdale Business Park, detailed planning consent has been received for
five new office buildings totalling 56,000 sq ft. Construction of the
first three units is due to commence at the end of 2006.
Terrace Hill's development programme has continued to grow and now has a
completed investment value of £1,138m of which £477m is underway and £661m is at
the planning stage.
Managing Director, Philip Leech, said: 'Demand for investment property created
from our development programme remains strong and is supported by growing
occupier demand across most sectors. The success of our development programme
is underpinned by our broad spread across a wide geographic area and diversity
of property sectors.'
Chairman, Robert Adair, said: 'I am pleased with the progress the Group has been
making as exemplified by the above. I am increasingly confident that our results
for the current year will exceed my earlier expectations.'
* * ENDS * *
For further information please visit www.terracehill.co.uk or contact:
Philip Leech, Group Managing Director Tel: 01642 243444
Alasdair Robinson, Noble & Company Limited Tel: 0131 225 9677
Isabel Crossley, St Brides Media & Finance Ltd Tel: 020 7242 4477
Notes to editors:
Terrace Hill Group PLC - AIM-listed property group with two key divisions,
Commercial Development and Residential Investment and Development, and a total
development programme of £1,138 million. The Group continuously explores ways
of leveraging its equity to enhance returns for its shareholders and recently
established Terrace Hill Development Partnership, a commercial property
development fund. Additionally, it has moved into the healthcare sector and is
developing a retirement village in joint venture. The results to 30 April 2006
reported Triple Net Asset Value per share of 52.65p and total group assets of
£197.9 million.
This information is provided by RNS
The company news service from the London Stock Exchange
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