Terrace Hill grows foodstore portfolio
Published: 08 June, 2011
Terrace Hill buys foodstore sites in Prestwich, Manchester and Herne Bay, Kent worth £60m
Terrace Hill Group has further expanded its foodstore development portfolio, buying the Longfield shopping precinct, in Prestwich, in a joint venture with Hollins Murray Group, and a seven-acre development site in Herne Bay, Kent.
Terrace Hill has acquired an option to purchase the 1960’s Longfieldshopping precinct with the intention of transforming the property through a foodstore-led retail redevelopment scheme in joint venture with HMG, the site’s current owners. The site currently has planning consent for a mixed-use redevelopment and the acquisition is subject to a change in the current planning, as well as Terrace Hill securing a pre-let for the foodstore element of the scheme.
Andy Lavin, head of Terrace Hill’s Manchester office, said: “This is an exciting and high profile town centre regeneration project, which has the potential to comprehensively transform Prestwich’s main retail offer. In partnership with HMG, we will now engage closely with Bury Borough Council and the people of Prestwich, to ensure that we deliver a successful scheme that not only complements, but enhances, the town centre.”
And in Herne Bay Terrace Hill has exchanged contracts to acquire a seven-acre site next to the Altira Park industrial and office centre, on which it intends to develop a foodstore. Completion of the acquisition is conditional upon the receipt of planning permission, as well as the securing of a pre-let.
