Commercial Property News

Terrace Hill, the AIM-listed property development and investment group, said today that it had exchanged conditional contracts to acquire two new sites for supermarket developments, located in Sunderland and in Whitchurch, Shropshire. It  also said it had submitted a planning application to redevelop Heaton Park Retail Park in Manchester.
 
In Sunderland Terrace Hill has exchanged conditional contracts to acquire a six acre site in a prominent location in Sunderland and a planning application for a 60,000 sq ft supermarket will be submitted shortly. Pre-letting discussions are at an advanced stage with a major supermarket operator.
 
In Whitchurch, Shropshire,  TH  has also exchanged conditional contracts to acquire a nine acre site in Whitchurch, Shropshire which it intends to develop into a 40,000 sq ft supermarket.  Terrace Hill is currently in negotiations with potential supermarket tenants for the site and will submit a planning application later this year.
 
At Heaton Park, Manchester Terrace Hill has submitted a planning application to redevelop Heaton Retail Park in Manchester and the adjoining existing Sainsbury's supermarket into a 80,000 sq ft Sainsbury's superstore, together with three smaller retail units.
 
Philip Leech, Chief Executive of Terrace Hill, commented: "The acquisition of  these two new sites and the planning submission at Heaton Park further demonstrates our expertise in, and successful track record of, identifying and delivering high quality supermarket developments. These follow our recent successful supermarket developments at Bishop Auckland and Helston.  Large format food store development is one of our core business areas and our pipeline of new opportunities will continue to add value to the Group for our shareholders."