Terrace Hill Group PLC £30m Leisure Scheme Development in Darlington (0410R)
14 November 2012 - 6:00PM
UK Regulatory
TIDMTHG
RNS Number : 0410R
Terrace Hill Group PLC
14 November 2012
14 November 2012
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
TERRACE HILL TO DEVELOP A NEW GBP30 MILLION LEISURE SCHEME IN
DARLINGTON
Terrace Hill, a leading UK property development and investment
group, announces that it has signed an agreement with Darlington
Borough Council to redevelop a 1.9 acre former bus station in
Feethams, Darlington, into a new state-of-the-art leisure complex
with a development value of around GBP30 million. The 140,000 sq ft
Feethams leisure scheme will be anchored by a nine screen multiplex
cinema and include an 80 bedroom hotel, as well as a number of
restaurants, bars and shops. A planning application will be
submitted early in the New Year and it is anticipated that the
scheme will be completed and operational by December 2014.
Terrace Hill is in advanced discussions with VUE Entertainment
for the cinema element of the scheme and with Whitbread for the 80
bedroom hotel and family restaurant. Terrace Hill has also received
strong interest from a number of national, as well as independent
restaurant/leisure operators with regard to the remaining
space.
Philip Leech, Chief Executive of Terrace Hill, commented:
"Having made the strategic decision to increase Terrace Hill's
focus on development, thereby better utilising our core expertise,
we are very pleased to have been appointed by Darlington Borough
Council to develop this important new scheme. The appointment is
not only an endorsement of our development expertise and of our
ability to attract first class leisure operators and retailers, but
also underlines the importance of having a strong network of local
offices that can access and win this type of opportunity."
-Ends-
For further information please visit www.terracehill.co.uk or
contact:
Philip Leech/Jon Austen Tel. 020 7631 1666
Terrace Hill Group PLC
Gareth Price/Mark Young Tel: 020 7710 7600
Oriel Securities (Nominated Adviser)
Richard Sunderland/Will Henderson/Faye Walters Tel: 020 7831
3113
FTI Consulting terracehill@fticonsulting.com
Notes to editors:
Terrace Hill Group
Terrace Hill Group PLC is a regionally based UK property
development and investment group quoted on AIM. Formed in 1986, the
Company has five offices located in London, Glasgow, Teesside,
Bristol and Manchester.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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