Development Agreement with Sainsbury’s for new supermarket in Whitchurch, Shropshire

The Terrace Hill Group plc has announced that it has exchanged contracts with Sainsbury’s, conditional on planning, on a forward commitment for a supermarket development in Whitchurch, Shropshire.

Terrace Hill, which announced the conditional acquisition of the site on London Road close to Whitchurch town centre in March 2010, intends to submit a planning application later this year for a supermarket comprising 30,000 sq ft of net sales area and over 300 parking spaces.
The deal follows Terrace Hill’s recent announcement of its conditional pre letting agreement with Sainsbury’s in Sunderland and follows on the heels of the Company’s other recent supermarket development deals in Bishop Auckland, Helston and Manchester.

Philip Leech, Chief Executive of Terrace Hill, commented: “This is our second announcement regarding a supermarket development in the last month and reflects the strength of our pipeline of food store developments across the U.K. These are all likely to add substantially to shareholder value within the Company over a number of years.”