RNS Number:2890O
Terrace Hill Group PLC
04 August 2003


TERRACE HILL GROUP PLC (the "Group")

DISPOSAL


The Group announces that it has exchanged contracts, with completion due on 15
September 2003, for the sale of Peak Village Shopping Outlet and Leisure Centre,
Rowsley, Derbyshire, at a price payable in cash of #8.6 million.

This is a substantial transaction in terms of the AIM Rules of the London Stock
Exchange and the following information is given.

The 60,000 sq. ft. development was completed by the Group in 1999 and held as an
investment while actively managed to establish a trading pattern. The most
recent carrying value was #6.5 million being the Directors' valuation at 30
April 2003. Profitability of the outlet after management and financing costs was
#480,000 per annum.

The consideration will be used partly to repay borrowings of #5.5 million on the
property and partly for working capital.

Commenting on this, Robert Adair, Chairman, said:

"I am delighted to announce this sale which should contribute substantially
towards our current financial period. The net proceeds will be applied towards
the many exciting opportunities which the Group has identified, our commercial
development programme having an estimated completion value around #200 million.
This transaction is a good example of a situation where we have combined our
development skills with active asset management to produce a strong return."

END



Contacts:    Ross Macdonald, Joint Managing Director              0141 332 2014
             Alasdair Robinson, Noble & Company Limited           0131 225 9677



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