THG Thg Plc

 

TIDMTHG 
 
RNS Number : 1764P 
Terrace Hill Group PLC 
20 March 2009 
 

20 March 2009 
 
 
TERRACE HILL GROUP PLC 
("Terrace Hill") 
 
 
TERRACE HILL GROUP ACHIEVES RATIFICATION OF 
 PLANNING CONSENTS AT TWO SCHEMES 
 
 
Planning consents ratified for two Sainsbury's food stores - in Bishop Auckland, 
Co Durham and in Helston, Cornwall 
 
 
Update on Baltic Business Quarter 
 
 
Terrace Hill Group plc (AIM: THG), a leading UK property development and 
investment company, announces that it has had the planning consents for its 
retail and leisure scheme at  Bishop Auckland and its Sainsbury's foodstore 
development in Helston, Cornwall, confirmed by the Government Offices for the 
North East and South West respectively, and ratified by the Secretary of State 
for Communities and Local Government. As a result, both schemes will now proceed 
during the course of the next few months. 
 
 
 Bishop Auckland, Co Durham 
In Bishop Auckland, Terrace Hill will regenerate land that has been vacant and 
derelict since the closure of the Warner Electrics facility in 2003 and deliver 
a 150,000 sq ft retail and leisure park, together with a new stadium for Bishop 
Auckland FC. The scheme will create approximately 1,000 jobs both during the 
development phase and once it is fully operational. 
 
 
The park will include a new 90,000 sq ft Sainsbury's food store, a 58,000 sq ft 
leisure complex, two restaurants and a brand new Northern Premier League 
standard stadium for Bishop Auckland Football Club. 
 
 
 Helston, Cornwall 
In Helston Terrace Hill has successfully achieved planning for a 55,000 sq ft 
Sainsbury's food store with petrol station.  Sainsbury's will retain the 
freehold of the scheme. 
 
 
Baltic Business Quarter, Gateshead 
At its Baltic Business Quarter scheme in Gateshead, Terrace Hill also announces 
that the pre-let to Npower will not proceed. The adverse movement of investment 
yields since the pre-letting was agreed has meant the project would not be 
profitable and, as a result, Terrace Hill has decided to postpone this phase of 
the development until an alternative profitable pre-let has been secured. The 
Baltic Business Quarter remains very attractive to occupiers and it is already 
home to Gateshead College's 180,000 sq ft facility and the regional headquarters 
of the Open University.  Terrace Hill continues to work on a number of further 
potential pre-let opportunities, on terms that reflect current values and which 
should produce healthy margins. 
 
 
Commenting, Philip Leech, Chief Executive of Terrace Hill, said: 
"We are delighted to have received planning for both of the foodstore 
developments.  Our skill in identifying under-utilised sites for much higher 
value uses and the value we add through the planning process lies at the heart 
of our business. These schemes will have a positive impact on our Net Asset 
Value in the coming year and we have a number of other foodstore developments 
under negotiation, which should add significantly to the growth of our business 
in the future. These schemes and the other pre-let development opportunities 
that we are currently working on demonstrate that we can continue to add value 
despite a difficult economic background. 
 
 
"Our original strategy for the Baltic Business Quarter remains firmly in place 
and we continue to see ongoing good levels of interest from local, national and 
international occupiers. 
 
 
"The foodstore transactions and other pre-let development negotiations 
demonstrate that we can continue to add value to the business despite difficult 
economic conditions." 
 
 
 
 
ENDS 
 
 
For further information, please visit www.terracehill.co.uk or contact: 
Terrace Hill                                           Tel: 020 7631 
1666 
Philip Leech 
 
 
Financial Dynamics                                   Tel: 020 7831 
3113 
Richard Sunderland / Rachel Drysdale / Jamie Robertson 
terracehill@fd.com 
 
 
Oriel Securities                                          Tel: 020 7710 7600 
Richard Crawley / Daniel Conti 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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