Letting

RNS Number : 6368U

Terrace Hill Group PLC

29 June 2009

 



29 June 2009

Terrace Hill Group plc

('Terrace Hill' or the 'Company')

38,500 SQ FT PRE LET TO MIDDLESBROUGH PRIMARY CARE TRUST

-Start of construction on second building at Middlehaven development- 

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has secured a pre let to the Middlesbrough Primary Care Trust for the entire 38,500 sq ft of its Hudson Quay 2 office building in its Manhattan Gate development project on Teesside.  The tenant will take a 15 year lease at an initial rent of £635,000 p.a. and construction will start in August 2009.

Hudson Quay 2 is the second of five buildings to be developed at Terrace Hill's Manhattan Gate project which, when complete, will provide 142,500 sq ft of offices. The new letting follows Hertel's relocation of its UK headquarters to Hudson Quay 1 in December 2008. Manhattan Gate forms part of the 80 acre Middlehaven regeneration project, which is a mixed-use development rejuvenating the former docks adjacent to Middlesbrough's town centre.

Commenting, Philip Leech Chief Executive of Terrace Hill, said: 

'We are delighted to have secured a pre-let with such a strong tenant as the Middlesbrough PCT. This is a great endorsement of our scheme and clearly demonstrates that, despite the current challenging market conditions, we are still able to attract tenants to our high quality and well located developments. Our current emphasis in development is to focus on pre let or pre sold schemes, which is demonstrated by this pre letting and those recently announced to Sainsburys. This philosophy should produce high returns with low risk to capital employed and greatly enhance shareholder value in our business.'

Dodds Brown and Storeys:SSP acted as letting agents for Terrace Hill.

For further information:

Terrace Hill                            

Philip Leech                                                         Tel: [phone]

Martin Vickerman                                                 Tel: [phone] 

Oriel Securities (Nominated Adviser)                 Tel: [phone]

Richard Crawley

Daniel Conti

Financial Dynamics                                            Tel: [phone]
Richard Sunderland / Rachel Drysdale  

Notes to editors

Hudson Quay / Manhattan Gate

Hudson Quay 2 is a three storey building, which with Hudson Quay 1, will complete the redevelopment of the Manhattan Gate's waterside arena. It forms part of the 80 acre Middlehaven regeneration project, which is a mixed-use development rejuvenating the former docks adjacent to Middlesbrough's town centre. 

Upon completion, Manhattan Gate will consist of five office blocks and provide 142,500 sq ft of employment space. The buildings will sit in a landscaped arena on the waterside at Middlehaven, benefit from high car park ratios and easy access to both Darlington and Newcastle through the area's strong transport links. Middlesbrough town centre, its shops and transport network are also just a short walk away. A 3,500 sq ft café bistro will also link both Hudson Quay buildings.

www.manhattangate.com 

www.teesvalleyregeneration.co.uk/regeneration-projects/middlehaven 

Terrace Hill

Terrace Hill Group PLC is an AIM listed property development and investment group with three key divisions: 

• Commercial development and investment

• Residential investment 

• Housebuilding

Formed in 1986, the company now has four offices in London, Glasgow, Teesside and Bristol, managing a total commercial and residential development and investment programme of some £1.2 billion.

www.terracehill.co.uk

Middlesbrough Primary Care Trust

Middlesbrough Primary Care Trust (NHS Middlesbrough) is a local health organisation that commissions a wide range of health services for the people of Middlesbrough. The organisations works in partnership with NHS Hartlepool, NHS Redcar and Cleveland and NHS Stockton-on-Tees to ensure high quality health services are provided for local communities in the Tees area. This new purpose built office accommodation will provide a convenient base for its 250 staff who currently work across the Tees area.

 

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