Terrace Hill has bought a 12-acre former industrial site in Midsomer Norton, Somerset, for a 50,000 sq ft supermarket development.
A further six acres of the land will be developed as housing. The site has been acquired from paper bag manufacturer Welton Bibby & Baron for an undisclosed sum.
Plans for the scheme will be submitted early next year.Completion of the acquisition is subject to outline consent being secured.
Terrace Hill this morning also updated on three other supermarket developments, including plans for an 80,000 sq ft scheme in St Austell, Cornwall, where it hopes to start on site in mid-2013; a 48,800 sq ft Sainsbury’s in Sedgefield, County Durham, which has been forward-funded by the Eyre Estate for £16.1m and is scheduled to complete in May next year; and a 41,800 sq ft supermarket in Skelton, East Cleveland, which has been presold to Asda for £13.5m and will complete next March.
Chief executive Philip Leech said: “The conditional acquisition of the Midsomer Norton site adds to our substantial portfolio of nine committed foodstore development opportunities that will deliver excellent returns for shareholders over the medium term.”
samantha.mcclary@esatesgazette.com
