Lettings

RNS Number : 4829L

Terrace Hill Group PLC

07 May 2010

 



7 May 2010

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

TERRACE HILL LETS THREE FLOORS AT 129 WILTON ROAD, VICTORIA

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has let a further 24,352 sq ft of office space at its mixed-use development, 129 Wilton Road, Victoria, meaning that a total of 88% of the office space has now been leased.

Terrace Hill has let the entire first, second and third floors of the building, comprising a total of 24,352 sq ft, to IQPC, a leading global business conference organiser, on a 15-year lease with tenant's breaks at five and 10 years at a rent of £40 per sq ft.  Along with its sister company, WBR, IQPC is due to relocate from its current offices on Britten Street in Chelsea.  The remaining floor of 8,100 sq ft is also under offer.

Completed by Terrace Hill in 2008, the scheme, which sits on the site of a former 1960s office and car park, comprises eight storeys of prime Grade A office and retail space, and a 20-space car park, as well as a 12-storey residential block to the rear which was sold on completion. 

Philip Leech, Chief Executive of Terrace Hill, comments:

"This important letting reflects the improving occupier sentiment in London's West End and Victoria office markets and will contribute significantly to shareholder value in our business."

Edward Charles and Cushman & Wakefield advised Terrace Hill, whilst Northam Clover acted for IQPC.

-Ends-

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

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

Oriel Securities (Nominated Adviser)                                       Tel: [phone]

Tom Durie

Mark Young

Gareth Price

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

Notes to editors:

Terrace Hill Group

Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM, with three key divisions:

·      Commercial development and investment

·      Residential investment

·      Strategic landbanking.

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 strategic land portfolio in Scotland.

 

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