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 ft² (approx. 4,645 m²) 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 ft² (approx. 7,432 m²) 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 ft² (approx. 4,533 m²) Sainsbury's foodstore development at Sedgefield with the Eyre Estate for £16.1 million (approx. 20 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 ft² (approx. 3,883 m²) foodstore development in Skelton. The scheme is presold to Asda through a £13.5 million (approx. 16.7 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."
Source: FTI Consulting