THG Thg Plc

RNS Number:2827I
Terrace Hill Group PLC
07 February 2005

For immediate release
                                                               7 February 2005



                    TERRACE HILL GROUP PLC ("Terrace Hill")



                         SALE OF 11 BERKELEY STREET, W1



Terrace Hill announces that the office building redeveloped in joint venture at
11 Berkeley Street, London, W1, has been sold at a price of #13.7 million,
reflecting a yield equivalent to 5.37%.



The property was comprehensively refurbished by Terrace Hill in 2003 as part of
their focus on the London West End, and then held as an investment. The building
is 75% let in a prime location and has benefited from an improving tenant market
in the West End. The investment is being purchased by ING. The sale price
reflects a competitive investment market and Terrace Hill consider this a very
opportune time to sell such an investment with potential future rental growth
reflected in the price.



This is a substantial transaction in terms of the AIM Rules and the following
further information is given. The interest of Terrace Hill in the joint venture
is 50% and the sale price, and value, of that interest is #6.85 million with the
carrying cost (revaluation at 31 October 2004) being #6.625 million.  In the
year to 31 October 2004 the property showed a small revenue loss as it let up
during the year but bore a full year's interest and other costs.  The price has
been paid in cash and Terrace Hill's share of the proceeds will be applied to
clear relevant borrowings and as working capital for Terrace Hill's increasing
development programme.



Notes to editors:



Terrace Hill Group PLC is an AIM traded Property Group with NAV #70 million. It
has two divisions, Commercial Development throughout the UK and Residential
Investment and Development in Scotland and the North of England, with a
development programme of almost #600 million with approaching #200 million
underway. Terrace Hill recently reported an increase of over 25% in both NAV and
pro-forma Triple NAV to 38.12p per share and 39.99p respectively in the year to
31 October 2004, and an increase in final dividend from 0.15p per share to 0.50p
per share.



For further information please contact:



Philip Leech, Group Managing Director, 01642 243 444



Ross Macdonald, Deputy Chairman, 0141 332 2014



Alasdair Robinson, Noble & Company Limited, 0131 225 9677




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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