Lettings

 

TIDMTHG 
 
RNS Number : 9093V 
Terrace Hill Group PLC 
20 July 2009 
 

20 July 2009 
 
 
TERRACE HILL GROUP PLC 
("Terrace Hill" or the "Company") 
 
 
TERRACE HILL ATTRACTS SOFTWARE FIRMS TO 
ITS COVENT GARDEN AND MAIDENHEAD SCHEMES 
 
 
Terrace Hill Group plc (AIM: THG), a leading UK property development and 
investment group, announces that it has made two further lettings totalling 
approximately 29,000 sq ft at its Maidenhead and Covent Garden office schemes, 
securing a total annualised income of over GBP775,000. 
 
 
In partnership with DevCap, the Company has let 26,000 sq ft at Quantum, its JV 
office scheme in Maidenhead, Berkshire, to Compuware, the US-based global 
software firm. It has also re-let an entire floor at 6 Kean Street, Covent 
Garden, London, to global e-commerce provider, ChannelAdvisor, having 
simultaneously negotiated the surrender of the existing occupier's lease. 
 
 
QUANTUM, MAIDENHEAD 
Compuware has taken the entire second floor and part of the third floor of 
Quantum 1 as its new UK headquarters, relocating from its current premises in 
Slough. It has acquired the space on a 10-year lease at a rent of GBP650,000 per 
annum, equating to GBP25 per sq ft. 
Completed in 2008, Quantum comprises two buildings, Quantum 1 and Quantum 2, 
with a total of 123,540 sq ft Grade A office space set in a landscaped site 
of three acres.Quantum 1 encompasses 69,956 sq ft GIA and is arranged over four 
floors.This letting follows the successful pre-let of the whole of Quantum 2 to 
Biogen Idec last year. 
 
 
6 KEAN STREET, COVENT GARDEN 
Terrace Hill has let the entire fifth floor of the building, comprising 2,993 sq 
ft NIA, to ChannelAdvisor, having negotiated the surrender of the lease held by 
the existing tenant, Asset Services London Ltd. ChannelAdvisor, which moves from 
its previous UK headquarters in Richmond, takes the space on a five-year lease 
at a rent of GBP127,200 pa, equating to GBP42.50 per sq ft. 
 
 
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 office development 
arranged over the 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 high profile tenants, including Barrow 
Cadbury Trust and Virgin Green Fund (VGF Advisors UK LLP). The retailer units 
are occupied by Costa Coffee and Adecco. Currently just one floor remains vacant 
at the building, totalling 2,953 sq ft on third floor. 
 
 
Philip Leech, Chief Executive of Terrace Hill, said: 
"In conjunction with the recent successful activity of lettings in Victoria, 
Eastbourne and Bristol, these two latest deals further strengthen the Group's 
income stream and underlines our ability to create value through the active 
asset management of our existing portfolio. We also believe that our recent 
deals confirm that occupier appetite still exists across the UK for good quality 
office space." 
 
-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 
Terrace Hill Group PLC is an AIM-listed property development and investment 
group with three key divisions: 
  *  Commercial development and investment 
  *  Residential investment 
  *  Housebuilding. 
 
 
 
Formed in 1986, the Company has four offices in London, Glasgow, Teesside and 
Bristol, managing a commercial development programme, commercial and residential 
investment portfolios and a housebuilding business in Scotland. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBLGDRIBBGGCR