Acquisitions

RNS Number : 0371I

Terrace Hill Group PLC

08 June 2011

 



8 June 2011

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

Terrace Hill acquires foodstore development sites in Prestwich, Manchester and Herne Bay, Kent

Terrace Hill Group (AIM: THG), a leading UK property developer and investment group, announces that it has further expanded its foodstore development portfolio, having exchanged contracts to acquire the Longfield shopping precinct, in Prestwich, in a joint venture with Altrincham based property company Hollins Murray Group ("HMG"), and a seven acre development site in Herne Bay, Kent.

Longfield

Terrace Hill has acquired an option to purchase the 1960's shopping precinct with the intention of transforming the property through a foodstore led retail redevelopment scheme in joint venture with HMG, the site's current owners.  The site currently has planning consent for a mixed-use redevelopment and the acquisition is subject to a change in the current planning, as well as Terrace Hill securing a pre-let for the foodstore element of the scheme.

Herne Bay

Terrace Hill has exchanged contracts to acquire a seven acre site next to the Altira Park industrial and office centre in Herne Bay, Kent, on which it intends to develop a foodstore. Completion of the acquisition is conditional upon the receipt of planning permission, as well as the securing of a pre-let.

The projected aggregate value of both schemes once complete will be around £60 million with planning and pre-letting discussions progressing throughout the rest of this year and detailed planning applications expected early in 2012.

Commenting on the acquisitions, Philip Leech, Chief Executive Officer of Terrace Hill, said:  "These two acquisitions further underline our continued progress in the expansion of Terrace Hill's foodstore development pipeline and our expertise in this area.  They are also important as they mark the first deal originated from our Manchester office, which opened last year, and our first project in Kent, as we fulfil our strategy of expanding our foodstore operations in the south of England. I anticipate announcements on further site acquisitions in the near future."

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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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