Terrace Hill Group PLC Acquisition of new foodstore development (5759M)
September 19 2012 - 1:00AM
UK Regulatory
TIDMTHG
RNS Number : 5759M
Terrace Hill Group PLC
19 September 2012
19 September 2012
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Group")
ACQUISITION OF MIXED USE FOODSTORE AND RESIDENTIAL DEVELOPMENT
SITE
- Continued progress with existing portfolio of foodstore
developments -
Terrace Hill Group plc (AIM: THG), a leading UK property
development and investment group, announces the conditional
acquisition of a foodstore and residential development site in
Midsomer Norton, Somerset, and good progress with three other
foodstore developments around the country.
Midsomer Norton, Somerset
Terrace Hill has exchanged conditional contracts to acquire a 12
acre former industrial brownfield site in Midsomer Norton for
regeneration into a mixed use scheme comprising a 50,000 sq ft
foodstore and six acres of residential housing. The site will be
acquired from paper bag manufacturer Welton Bibby & Baron,
which is relocating to new premises. A planning application is
expected to be submitted in the first quarter of 2013. Completion
of the acquisition of the site is conditional on obtaining planning
consent for the mixed use development.
St. Austell, Cornwall
Terrace Hill is on target to submit a planning application in
September for a new 80,000 sq ft foodstore on a site on Penwinnick
Road close to the centre of St. Austell. The site is currently
occupied by Cornwall Council in offices which will be relocated to
new premises to be constructed by the Council on an adjoining site.
Development is expected to commence in the middle of 2013.
Sedgefield, County Durham
The Group has forward funded its 48,800 sq ft Sainsbury's
foodstore development at Sedgefield with the Eyre Estate for
GBP16.1 million. Construction will start in October with completion
scheduled for May 2013.
Skelton, East Cleveland
Construction is now underway at the Group's 41,800 sq ft
foodstore development in Skelton. The scheme is presold to Asda
through a GBP13.5 million forward funding agreement, and completion
of the development is due in March 2013.
Philip Leech, Chief Executive of Terrace Hill, commented: "The
conditional acquisition of the Midsomer Norton site adds to our
substantial portfolio of nine committed foodstore development
opportunities which will deliver excellent returns for shareholders
over the medium term."
- Ends -
For further information please visit www.terracehill.co.uk or
contact:
Philip Leech / Jon Austen Tel. 020 7631 1666
Terrace Hill Group PLC
Gareth Price / Mark Young Tel: 020 7710 7600
Oriel Securities (Nominated Adviser)
Richard Sunderland / Will Henderson Tel: 020 7831 3113
FTI Consulting
Notes to editors:
Terrace Hill Group
Terrace Hill Group PLC is a regionally based UK property
development and investment group quoted on AIM. Formed in 1986, the
Group has five offices located in London, Glasgow, Teesside,
Bristol and Manchester.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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