Terrace Hill Group PLC
03 October 2005
TERRACE HILL GROUP PLC ('Terrace Hill' or 'the Group')
Further Trading Update
Terrace Hill is pleased to report continued progress through the summer months
of August and September.
The Group has purchased a vacant 5.1 acre industrial site for redevelopment on
Brampton Road in Eastbourne, East Sussex, and has submitted a planning
application for a 108,000 sq. ft. mixed use industrial and trade counter scheme.
At the recently acquired 20 acre site at Pinewoods, Wokingham, Terrace Hill has
received detailed planning permission for the development of 129,000 sq. ft. of
offices and a 26,000 sq. ft nursing home.
Moving north, at Teesside, Terrace Hill has entered into contracts with Stockton
Riverside College for a college building extension at Teesdale Business Park,
with a value of £3.5 million.
In Newcastle on Gallowgate, Terrace Hill is to develop a prestige 83,141 sq. ft
seven storey office building. Demolition has just been completed of the
redundant office block on the site and tenders for construction have been
received. Completion is estimated in spring 2007.
At Blyth, Northumberland, where planning permission was received this summer,
Terrace Hill has agreed to lease to Homebase a substantial unit to be the anchor
store in a 56,000 sq. ft. retail warehouse development.
Group Managing Director Philip Leech said: 'We had a good third quarter to the
end of July and our ability to move quickly on deals has ensured the continued
growth of both our commercial development and residential land development
divisions. This growth will be reflected in the Group's financial performance
and future shareholder value.'
* * ENDS * *
For further information please contact:
Philip Leech, Managing Director, 0207 631 1666
Robert Adair, Chairman, 01845 537 037
Alasdair Robinson, Noble & Company Limited, 0131 225 9677
Isabel Crossley, St Brides Media & Finance Limited, 020 7242 4477
Notes to editors:
Terrace Hill Group PLC is an AIM traded Property Group with NAV £74 million. It
has two divisions, Commercial Development throughout the UK and Residential
Investment and Development in Scotland and the North of England, with a
development programme of some £600 million. Terrace Hill reported an increase
of over 25% in both NAV and pro-forma Triple NAV to 38.12p per share and 39.99p
respectively in the year to 31 October 2004, and an increase in final dividend
from 0.15p per share to 0.50p per share. Further increases to 39.66p per share
and 44.02p per share respectively together with an interim dividend of 0.5p per
share (previous interim 0.3p) were announced with the Group's half yearly report
to 30 April 2005.
This information is provided by RNS
The company news service from the London Stock Exchange
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