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Epic THG
Time: 16:35:43
Mid Price: 19.00
Change Today: 0.00
Change % Today: 0.00
Fifty Two Week High: 25.00
Fifty Two Week Low: 13.50
Market Capital: 40.27
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Market: AIM
Sector: Aerospace & Defense
Epic: THG
News: Latest news
Web Site: Terrace Hill Group plc
Other Articles: 20-03-200926-04-200721-02-2007

Terrace Hill Group plc

The principal business of the company is investment in and management of residential properties. One subsidiary is an SFA regulated corporate finance advisory company and another is involved in providing company registrar services.
Friday, November 27, 2009

Terrace Hill Group Sells Covent Garden Property For £16 Million

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UK based property development group, Terrace Hill Group (AIM: THG) (‘Terrace Hill’) announced the sale of its freehold interests in the Kean House development in Covent Garden for £16 million, which represents a net initial yield of 6.4%.


The Covent Garden property was bought by a major UK institution. According to Terrace Hill, 6 Kean Street comprises of 26,000 square feet of prime ‘Grade A’ office space over a basement and nine upper-storeys. The property also hosts two retail units fronting Kingsway, occupied by Costa Coffee and Adecco.


The sale follows the recent re-letting of the entire fifth floor of the building to ChannelAdvisor. The e-commerce service group have taken the space on a five-year lease at a rent of £127,200 per annum.


Terrace Hill Chief Executive, Philip Leech commented on the property sale and the broader trends in London’s property: "This sale demonstrates that there is strong demand in the market for good quality, well-managed assets particularly central London offices. The disposal will allow us to recycle the capital into profitable new projects, further enhancing our shareholder's capital invested in our business."

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