Terrace Hill Group PLC (AIM: THG), a leading UK property development and investment group, announces the conditional acquisition of 5.3 acre site in Stokesley, North Yorkshire, for a new foodstore development. Terrace Hill plans to develop a 1,394 m² net foodstore with 173 car parking spaces and a petrol filling station, as well as access infrastructure including a new roundabout junction on the A172.
A public consultation process for the development is about to commence with a planning application expected to be submitted prior to the end of 2013. If planning permission is granted, Terrace Hill anticipates that the new foodstore will be open by Easter 2015, following a forward agreement with a foodstore operator and a 10 month construction phase. Completion of the acquisition is conditional on obtaining planning consent for the development.
Philip Leech, Chief Executive Officer of Terrace Hill, said: “Having completed the development and sale of three substantial foodstores earlier this year, totaling 189,265 ft² (approx. 17583 m²). the conditional acquisition of this site in Stokesley adds to our pipeline of foodstore developments. The pipeline now comprises two large developments in the planning process which are at Herne Bay and Middlesbrough, totalling approximately 225,000 ft² (approx. 20,903 m²), and a number of others which are under contract or review. We see considerable further opportunities in this specialist sector where we are firmly established as one of the market’s leaders.”
Source: Terrace Hill