Source - SMW
Terrace Hill Group has completed the delivery of two pre-let and pre-sold foodstore developments in Sunderland and in Sedgefield.

The Sunderland project was a £35 million, 97,729 sq ft supermarket, with six pump petrol filling station and 517 parking spaces, which was pre-let to Sainsbury's on a 25-year lease. 

Following completion of the store, ownership was transferred to Osprey Supermarket Income and Growth 1 LP, a private investor fund arranged by Osprey Equity Partners, which entered into a forward funding acquisition agreement with the Group for the development in April 2012. 

The Sedgefield development is a 50,000 sq ft supermarket with 322 parking spaces, which was also pre-let to Sainsbury's on a 25-year lease, and pre-sold to The Eyre Estate Investment Fund for £16.1 million in September 2012. 

Upon completion and delivery of both these developments the Group received the final payments from the respective purchasers.

Terrace Hill is also due to complete its 41,800 sq ft foodstore development in Skelton on 10th June 2013 which has been pre-sold to Asda as owner occupier.

Terrace Hill has a strong pipeline of future foodstore developments; with four currently being worked through the planning process.  


At 8:47am: (LON:THG) Terence Hill Group share price was +0.01p at 19.38p



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