Disposal

 

TIDMTHG 
 
RNS Number : 1774D 
Terrace Hill Group PLC 
27 November 2009 
 

 
 
27 November 2009 
 
 
TERRACE HILL GROUP PLC 
("Terrace Hill" or the "Company") 
 
 
TERRACE HILL SELLS KEAN HOUSE, COVENT GARDEN 
 
 
Terrace Hill Group plc (AIM: THG), a leading UK property development and 
investment group, announces that it has sold the freehold interest in its Kean 
House development in Covent Garden, London to a major UK institution for a total 
consideration of GBP16 million, representing a net initial yield of 6.4%. 
 
 
Situated on the eastern boundary of Covent Garden and close to Holborn tube 
station, 6 Kean Street comprises a 26,000 sq ft prime Grade A comprehensive 
office refurbishment arranged over a basement and nine upper-storeys, together 
with two retail units fronting Kingsway. Completed by Terrace Hill in November 
2007, the property is multi-let to a number of strong tenants, including Barrow 
Cadbury Trust and Virgin Green Fund (VGF Advisors UK LLP). The retail units are 
occupied by Costa Coffee and Adecco. 
 
 
The sale follows the recent re-letting of the entire fifth floor of the 
building, comprising 2,993 sq ft (NIA), to ChannelAdvisor, having simultaneously 
negotiated the surrender of the lease held by the previous tenant, Asset 
Services London Ltd. ChannelAdvisor relocated from UK headquarters in Richmond, 
taking the space on a five-year lease at a rent of GBP127,200 per annum, 
equating to GBP42.50 per sq ft. Currently just one floor remains vacant at the 
building, totalling 2,953 sq ft on the third floor. 
 
 
Philip Leech, Chief Executive of Terrace Hill, said: 
"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." 
 
 
Doherty Baines acted for the purchaser and Terrace Hill represented itself. 
-Ends- 
For further information, please visit www.terracehill.co.uk or contact: 
Terrace Hill                             Tel: [phone] 
 Philip Leech/Jon 
Austen 
Financial Dynamics                    Tel: [phone] 
Richard 
Sunderland/Olivia [e-mail] 
Notes to editors: 
 
 
Terrace Hill Group PLC 
 
 
Terrace Hill is an AIM-listed property development and investment group with 
specialist commercial development and investment and residential investment 
divisions. 
 
 
Formed in 1986, the Company has offices in London, Teesside, Bristol and 
Glasgow, managing a commercial development programme, as well as commercial and 
residential investment portfolios. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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