Planning recommendation for two foodstore schemes

RNS Number : 7435N

Terrace Hill Group PLC

07 September 2011

 



7 September 2011

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

TERRACE HILL WINS PLANNING RECOMMENDATION FOR A 60,000 SQ FT SAINSBURY'S IN SUNDERLAND AND A 25,000 SQ FT ASDA IN SKELTON

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has received a minded to grant recommendation with regard to two of its current planning applications, a Sainsbury's supermarket at Riverside Road in Sunderland and an Asda supermarket in Skelton, East Cleveland. Both the applications have now been referred to the Department of Communities and Local Government, where the Local Authorities recommendations have to be approved by the end of September.

Construction on the new supermarket in Sunderland, which is pre-let to Sainsbury's, is expected to commence mid 2012, with the store opening in Spring 2013.  Once complete, the store will offer 60,000 sq ft of sales area, a petrol filling station and 537 parking spaces.

The planning recommendation at Skelton follows shortly after the announcement in August 2011 of a 25 year pre-let to Asda.  The development will comprise a new supermarket with a net sales area of 25,000 sq ft with 239 car spaces and a four pump petrol filling station.  Construction is due to commence in the first quarter of 2012 and the store should be open for trade by the end of 2012.

Commenting, Duncan McEwan, Head of Retail at Terrace Hill, said:  "These planning recommendations are a further demonstration of our ability to identify and source suitable sites for foodstore development.  They also show how we are subsequently able to work with local residents and authorities, as well as major supermarket operators, to see these sites through the planning process, eventually delivering a product which not only creates value for our shareholders but provides an often much needed boost in services and investment to each of the local economies."

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

Terrace Hill                                                                           Tel: [phone]
Philip Leech/Duncan McEwan

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

Oriel Securities (Nominated Adviser)                               Tel: [phone]

Mark Young

Gareth Price

Notes to editors:

Terrace Hill Group

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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