20th Dec 2007 13:15
Terrace Hill Group PLC20 December 2007 20 December 2007 Terrace Hill Group PLC ('Terrace Hill' or 'the Group') Sale of Hammersmith Property for £30.75m Terrace Hill, the AIM-listed property group, has contracted to sell itsriverside site, Queens Wharf in Hammersmith, to Westcity plc and Byrne Estatesfor £30.75m. The Group bought the property from a private investor for £17.0m inNovember this year having held an option on the site for the preceding 12months. It is believed that the purchasers intend to develop high qualityresidential apartments on the site. Terrace Hill Chief Executive Philip Leech said, "We identified Queens Wharf as asite with great potential for redevelopment for a variety of different uses.Having worked with the local authority to maximise value through differentplanning options we decided to sell the site to specialist high qualityresidential developers. This transaction produces a significant profit for theGroup and demonstrates our ability to generate exceptional returns, even in achallenging market." * * ENDS * * For further information please visit www.terracehill.co.uk or contact: Philip Leech, Group Managing Director Tel: 01642 243444 Luke Webster, Oriel Securities Tel: 020 7710 7600 Isabel Crossley, St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to editors Terrace Hill Group PLC is an AIM-listed property group with three key divisions:Commercial Development, Residential Investment and Development and HouseBuilding. It has a total development programme of £1.3bn. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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