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Terrace Hill announce Eastbourne lettings and planning permission for Dorset industrial development
Terrace Hill Group Plc, the AIM-listed property development group, today said that it has secured over 18,000 sq ft of lettings across five units at its Brampton Business Park, Eastbourne, producing an annual income of over £140,000, and has secured planning permission for a 22 unit industrial scheme on 5.7 acres of its nine acre Christchurch site near Bournemouth in Dorset.
Terrace Hill has let three of the five units, totaling 11,830 sq ft, to Menzies Distribution Ltd, the distributor of newspapers and magazines, who has signed a five-year lease with no breaks at a rent of approximately £89,000 per annum, equating to £7.50 per sq ft.
It has also secured East Sussex Hospital Trust as a tenant on two further units comprising 6,450 sq ft, on a five year lease, at a rent of £51,600 per annum, equating to £8 per sq ft. These lettings mean that the 17 unit, 110,000 sq ft industrial and trade park is now 96% occupied, with just one 3,600 sq ft unit remaining. TH has a number of interested parties for the final unit at Brampton Business Park.
TH has also secured planning consent at its Christchurch site for 105,000 sq ft of light industrial, general industrial and warehousing space (B1/B2/B8) across 22 units, ranging in size from 2,300 sq ft to 16,000 sq ft. The firm is currently speaking to a number of owner-occupiers who are looking to take units on the scheme and expects to make a further announcement with regard to the development of the site shortly.
Philip Leech, Chief Executive of Terrace Hill, said:
"The deals we have announced today are another good example of Terrace Hill's ability to leverage its considerable cross-sector expertise both to secure lettings in a challenging market and to add value to our sites through the planning process.
The lettings at Brampton provide us with a solid and visible income stream, and leaves just one unit available. Furthermore, we are very excited by the potential at Christchurch, where we believe that the end result will be a prime industrial asset delivered at an advantageous point in the market cycle. We are now in talks with a number of owner occupiers with regards the scheme at Christchurch and a number of interested parties for the final unit at Brampton Business Park."
Harold Stiles Williams acted for Terrace Hill on the lettings at Brampton Business Park, while Dixon Wright advised Menzies and East Sussex Hospital Trust represented itself. The joint agents representing Terrace Hill at Christchurch are King Sturge and Goadsby.
Terrace Hill has let three of the five units, totaling 11,830 sq ft, to Menzies Distribution Ltd, the distributor of newspapers and magazines, who has signed a five-year lease with no breaks at a rent of approximately £89,000 per annum, equating to £7.50 per sq ft.
It has also secured East Sussex Hospital Trust as a tenant on two further units comprising 6,450 sq ft, on a five year lease, at a rent of £51,600 per annum, equating to £8 per sq ft. These lettings mean that the 17 unit, 110,000 sq ft industrial and trade park is now 96% occupied, with just one 3,600 sq ft unit remaining. TH has a number of interested parties for the final unit at Brampton Business Park.
TH has also secured planning consent at its Christchurch site for 105,000 sq ft of light industrial, general industrial and warehousing space (B1/B2/B8) across 22 units, ranging in size from 2,300 sq ft to 16,000 sq ft. The firm is currently speaking to a number of owner-occupiers who are looking to take units on the scheme and expects to make a further announcement with regard to the development of the site shortly.
Philip Leech, Chief Executive of Terrace Hill, said:
"The deals we have announced today are another good example of Terrace Hill's ability to leverage its considerable cross-sector expertise both to secure lettings in a challenging market and to add value to our sites through the planning process.
The lettings at Brampton provide us with a solid and visible income stream, and leaves just one unit available. Furthermore, we are very excited by the potential at Christchurch, where we believe that the end result will be a prime industrial asset delivered at an advantageous point in the market cycle. We are now in talks with a number of owner occupiers with regards the scheme at Christchurch and a number of interested parties for the final unit at Brampton Business Park."
Harold Stiles Williams acted for Terrace Hill on the lettings at Brampton Business Park, while Dixon Wright advised Menzies and East Sussex Hospital Trust represented itself. The joint agents representing Terrace Hill at Christchurch are King Sturge and Goadsby.
Fri, 19th Feb 2010