Terrace Hill Group PLC a UK property development and investment group announces that it has sold 2.35 acres at its Christchurch Business Park in Dorset to Kondor Ltd and at the same time entered into a development agreement to construct a warehouse building on the site, for occupation by the new owner. Upon completion of this transaction and the development, Christchurch Business Park will be 90% sold and occupied.
Under the terms of agreement Terrace Hill will develop a 59,740 ft² (approx. 5,550 m²) warehouse building for Kondor Ltd, a leading mobile phone accessory distributor. Construction is due to start later this month with completion expected in October 2013. This is the second pre-sale and development deal that Terrace Hill has reached with Kondor at Christchurch Business Park, having already pre-sold and developed a single 59,740 ft² (approx. 5,550 m²) warehouse building, including 12,740 ft² (approx. 1,183 m²) of office accommodation, which was completed in April 2011.
Christchurch Business Park is a nine acre site situated to the east of Bournemouth. With the new development for Kondor Ltd, Terrace Hill will have completed a total of 150,000 ft² (approx. 13,935 m²) of developments on the site and has potential to develop a further 17,800 ft² (approx. 1650 m²).
Nigel Wakefield, Development Director of Terrace Hill, commented: “This latest sale and development deal is further testament to the success of Christchurch Business Park which is now nearly fully occupied. It clearly demonstrates the attractiveness of the site, as well as the success of our development programme and the strong ongoing relationships we have with our occupiers. We now only have approx. 0.5 acres left to develop to the owner occupier market”.
Source: Terrace Hill Group