SALE AND DEVELOPMENT DEAL AGR

RNS Number : 8546S

Terrace Hill Group PLC

17 September 2010

 



17 September 2010

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

SALE AND DEVELOPMENT DEAL AGREED AT CHRISTCHURCH BUSINESS PARK

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has sold part of its Christchurch Business Park to Kondor Ltd and entered into a development agreement to construct a warehouse building on the site, for occupation by the new owner in a deal worth £5m. 

Kondor Ltd, a leading mobile phone accessory distributor, has acquired a 2.15 acre site at Christchurch Business Park, which Terrace Hill will develop into a 59,740 sq ft warehouse building, including 12,740 sq ft of offices over three floors.  It is the largest warehouse deal in Dorset for 15 years.

Situated to the east of Bournemouth, the nine acre site was acquired by Terrace Hill from BAE in 2008.  Terrace Hill also has planning permission for a further 48,550 sq ft of B1, B2 and B8 accommodation at Christchurch Business Park and is in discussions with a number of other potential occupiers.

Philip Leech, Chief Executive of Terrace Hill, comments:  "The land sale ahead of the construction of a warehouse at Christchurch Business Park is a major deal and marks an important stage in the development of the site.  Additionally, it clearly demonstrates our ability to identify and acquire suitable sites and to create attractive developments for potential tenants or owner occupiers.  This type of deal allows us to create value through all phases of the development process without the risks associated with speculative development."

-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]

Tom Durie

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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