THG Thg Plc

    RNS Number : 3975L
  Terrace Hill Group PLC
  09 January 2009
   
    9 January 2009 


    TERRACE HILL AND DOUGHTY HANSON JV SECURES PLANNING 
    FOR NEW MIXED-USE VICTORIA SCHEME 

    - Agents appointed with work on site due to commence in spring 2009 -

    Terrace Hill Group PLC ("Terrace Hill" or the "Company") (AIM: THG), a leading UK property development and investment company, and
Doughty Hanson & Co Real Estate ("Doughty Hanson"), one of the largest and most successful European real estate fund managers, announce
today that they have been granted detailed planning consent for a major new office and residential scheme at 1 Howick Place in Victoria,
London.  

    The new scheme, which is on the site of the former head office of House of Fraser, will comprise:
    *     135,000 sq ft of net internal Grade A offices over eight floors, ranging in size from 14,500 sq ft to 20,000 sq ft;
    *     23 private residential apartments offering a range of one, two and three bedroom options on the upper levels with high quality
specifications and generous living space; and
    *     10 affordable housing units, of one to three bedrooms.

    Cushman & Wakefield and CB Richard Ellis have been appointed to act as letting agents on the commercial element of the development and
will start marketing for pre-lets early in 2009.  Work is scheduled to start on site in spring 2009, with completion targeted for the summer
of 2011. The scheme will include a number of energy-saving environmental features including Combined Heat and Power and Ground Source Heat
Pump systems, designed to maximise energy efficiency and minimise the scheme's carbon emissions.  These measures will help to achieve a
targeted BREEAM rating of 'Excellent'. 

    Savills has been retained to advise on the residential elements of the scheme.

    Philip Leech, chief executive of Terrace Hill, added: "While the current market conditions are tough for everyone it is important to
keep a focus on the future growth of our business and to ensure we are still able to deliver the right product, at the right time in the
cycle.  Achieving a commercial consent for this development now is, therefore, extremely encouraging and represents an important milestone. 
Howick Place meets the aspirations of all interested local groups and the project looks set to make a significant contribution to the
progress already made in the redevelopment and regeneration of Victoria. We are firm believers in the potential of this part of London and
are confident that we will attract a range of prestigious and diverse occupiers." 

    Kevin Grundy, a Principal with Doughty Hanson, said: "Howick Place will provide office and residential accommodation which delivers
value for tenants without compromising on quality. Designed by architects Rolfe Judd, the building is sensitive to its surroundings and has
a wide range of energy management systems in place, giving the scheme an excellent environmental standard.  The planning consent allows us
to move into the construction phase of development and remain on schedule for a 2011 completion, when we anticipate the short supply of
similar competing projects in the area will lead to strong demand for Howick Place." 


    -Ends-

    Enquiries:

    Terrace Hill:                                                020 7631 1666
    Philip Leech / Robert Lane

    Financial Dynamics:                                    020 7831 3113
    Richard Sunderland/Olivia Goodall
    terracehill@fd.com

    Notes to editors:

    Terrace Hill
    Terrace Hill Group PLC is an AIM-listed property development and investment group with three key divisions: 
    *     Commercial development and investment
    *     Residential investment 
    *     Housebuilding

    Formed in 1986, the company now has four offices in London, Glasgow, Teesside and Bristol, managing a total development and investment
programme of some �1.2 billion, a residential investment portfolio of �292 million and a housebuilding landbank in Scotland with potential
for over 1,400 residential units. www.terracehill.co.uk


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