Acquisition of Foodstore Development Site

RNS Number : 4023S

Terrace Hill Group PLC

07 November 2013

 



7 November 2013

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Group" or the "Company")

TERRACE HILL ACQUIRES 5.3 ACRE FOODSTORE DEVELOPMENT SITE IN STOKESLEY NORTH YORKSHIRE

Terrace Hill Group PLC (AIM: THG), a leading UK property development and investment group, announces the conditional acquisition of 5.3 acre site in Stokesley, North Yorkshire, for a new foodstore development.

Terrace Hill plans to develop a 1,394 sqm net foodstore with 173 car parking spaces and a petrol filling station, as well as access infrastructure including a new roundabout junction on the A172.

A public consultation process for the development is about to commence with a planning application expected to be submitted prior to the end of 2013.  If planning permission is granted, Terrace Hill anticipates that the new foodstore will be open by Easter 2015, following a forward agreement with a foodstore operator and a 10 month construction phase.  Completion of the acquisition is conditional on obtaining planning consent for the development.

Philip Leech, Chief Executive Officer of Terrace Hill, said: "Having completed the development and sale of three substantial foodstores earlier this year, totalling 189,265 sq ft, the conditional acquisition of this site in Stokesley adds to our pipeline of foodstore developments.  The pipeline now comprises two large developments in the planning process which are at Herne Bay and Middlesbrough, totalling approximately 225,000 sq ft, and a number of others which are under contract or review. We see considerable further opportunities in this specialist sector where we are firmly established as one of the market's leaders."

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

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

FTI Consulting                                                                      Tel: [phone]
Richard Sunderland/Will Henderson/Nick Taylor

[e-mail] 

Oriel Securities (Nominated Adviser)                               Tel: [phone]

David Arch

Mark Young

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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