AIM-listed property group Terrace Hill has concluded its financial year with an upbeat trading statement and the sale of its Westminster office development in Teesside for £5.6m.
Terrace Hill has exchanged contracts to sell the 24,000 sq ft Westminster development, at the Teesdale Business Park in Stockton.
Chairman Robert Adair said: “This has been a busy period for the group with us acquiring some attractive development sites.
“Both divisions [commercial and residential] of Terrace Hill are performing well and we are particularly pleased with the sale of the Westminster property, which will contribute significantly to profit for the year just ending.
“We have continued the process of further focusing our residential portfolio towards Scotland and in particular Glasgow.
“We now have a well spread development programme with an end value approaching £600m (including developments in joint venture) focused on areas that we believe have good growth prospects.”
Work has also started on several new developments, including a 90,000sq ft office development in Bristol’s Temple Circus and a 1.5m sq ft business park in Gateshead.
The group has also received detailed consent for an 82,000 sq ft office development at Gallowgate in Newcastle city centre and has contracted to purchase the former offices of Hewlett Packard in Wokingham, Surrey.
Terrace Hill will redevelop the 20-acre site as a low-density office business park.
Within it residential division Terrace Hill said it was taking advantage of recent price increases and was continuing to reduce its residential investment holdings, particularly in England. The group’s now has just 400 units in its portfolio, compared with 1,222 in April 2002.
Most recently the group has sold £6m of scattered English residential units as part of its strategy to concentrate on core properties in Scotland and the North of England.
References: EGi News 29/10/04
