Development Agreement

RNS Number : 0541V

Terrace Hill Group PLC

27 October 2010

 



27 October 2010

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

Development Agreement with Sainsbury's for new supermarket in Whitchurch, Shropshire

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has exchanged contracts with Sainsbury's, conditional on planning, on a forward commitment for a supermarket development in Whitchurch, Shropshire. 

Terrace Hill, which announced the conditional acquisition of the site on London Road close to Whitchurch town centre in March 2010, intends to submit a planning application later this year for a supermarket comprising 30,000 sq ft of net sales area and over 300 parking spaces.

The deal follows Terrace Hill's recent announcement of its conditional pre letting agreement with Sainsbury's in Sunderland and follows on the heels of the Company's other recent supermarket development deals in Bishop Auckland, Helston and Manchester.

Philip Leech, Chief Executive of Terrace Hill, commented: "This is our second announcement regarding a supermarket development in the last month and reflects the strength of our pipeline of food store developments across the U.K.  These are all likely to add substantially to shareholder value within the Company over a number of years."

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

Terrace Hill
Philip Leech, CEO	Tel: [phone]
Duncan McEwan, Retail Director	Tel: [phone]
Oriel Securities (Nominated Adviser)	Tel: [phone]
Tom Durie/Gareth Price
Financial Dynamics	Tel: [phone]
Richard Sunderland/Olivia Goodall/Will Henderson	[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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