Lettings

RNS Number : 9093V

Terrace Hill Group PLC

20 July 2009

 



20 July 2009

TERRACE HILL GROUP PLC

('Terrace Hill' or the 'Company')

TERRACE HILL ATTRACTS SOFTWARE FIRMS TO

ITS COVENT GARDEN AND MAIDENHEAD SCHEMES

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has made two further lettings totalling approximately 29,000 sq ft at its Maidenhead and Covent Garden office schemes, securing a total annualised income of over £775,000.  

In partnership with DevCap, the Company has let 26,000 sq ft at Quantum, its JV office scheme in Maidenhead, Berkshire, to Compuware, the US-based global software firm. It has also re-let an entire floor at 6 Kean Street, Covent Garden, London, to global e-commerce provider, ChannelAdvisor, having simultaneously negotiated the surrender of the existing occupier's lease.

QUANTUM, MAIDENHEAD

Compuware has taken the entire second floor and part of the third floor of Quantum 1 as its new UK headquarters, relocating from its current premises in Slough. It has acquired the space on a 10-year lease at a rent of £650,000 per annum, equating to £25 per sq ft.

Completed in 2008, Quantum comprises two buildings, Quantum 1 and Quantum 2, with a total of 123,540 sq ft Grade A office space set in a landscaped site of three acres.  Quantum 1 encompasses 69,956 sq ft GIA and is arranged over four floors.  This letting follows the successful pre-let of the whole of Quantum 2 to Biogen Idec last year.

6 KEAN STREET, COVENT GARDEN

Terrace Hill has let the entire fifth floor of the building, comprising 2,993 sq ft NIA, to ChannelAdvisor, having negotiated the surrender of the lease held by the existing tenant, Asset Services London Ltd. ChannelAdvisor, which moves from its previous UK headquarters in Richmond, takes the space on a five-year lease at a rent of £127,200 pa, equating to £42.50 per sq ft.

Situated on the eastern boundary of Covent Garden and close to Holborn tube station, 6 Kean Street comprises a 26,000 sq ft prime Grade A office development arranged over the basement and nine upper-storeys, together with two retail units fronting Kingsway. Completed by Terrace Hill in November 2007, the property is multi-let to a number of high profile tenants, including Barrow Cadbury Trust and Virgin Green Fund (VGF Advisors UK LLP). The retailer units are occupied by Costa Coffee and Adecco. Currently just one floor remains vacant at the building, totalling 2,953 sq ft on third floor.

Philip Leech, Chief Executive of Terrace Hill, said: 

'In conjunction with the recent successful activity of lettings in Victoria, Eastbourne and Bristol, these two latest deals further strengthen the Group's income stream and underlines our ability to create value through the active asset management of our existing portfolio. We also believe that our recent deals confirm that occupier appetite still exists across the UK for good quality office space.'

-Ends-

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

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

Financial Dynamics                                  Tel: [phone]
Richard Sunderland/Olivia Goodall                [e-mail]

Notes to editors:

Terrace Hill Group

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 has four offices in London, Glasgow, Teesside and Bristol, managing a commercial development programme, commercial and residential investment portfolios and a housebuilding business in Scotland.

 

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