Terrace Hill Group - Bristol, Canningford House office scheme, 38 Victoria Street, Bristol

Date: 17 Mar 2010

Office letting in Bristol.

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has completed another letting to Turning Point on over 4,200 sq ft which will generate £40,000 of annualised income at its Canningford House office scheme, 38 Victoria Street, Bristol. Following this latest deal, the property is 90% occupied and has a strong income stream ahead of redevelopment.

Turning Point, the UK's leading Social Care Organisation, has taken a new five-year lease on part of the ground floor, whilst simultaneously surrendering its existing lease on the fourth floor, where it held approximately 2,000 sq ft on a lease expiring in March 2012, in order to upsize and extend its presence at the property.

Built in the 1960's, Canningford House comprises approximately 20,000 sq ft of office space, arranged over six storeys, with a large car park to the rear. Existing tenants at the building include Lyons Davidson, Action for ME, Jenkins & Potter and Age Concern. Following these latest lettings, the property produces an annualised income of approximately £190,000. Acquired by Terrace Hill in 2007, the central Bristol site has been earmarked for redevelopment with proposals for a mixed-use scheme of 43,000 sq ft of office space and 10 residential flats.

Adam Pratt, Development Director of Terrace Hill, comments:
"This latest deal supports the growing demand for well-located Bristol offices, offered on flexible terms and at competitive rents. In securing the short term income of this office building we are well-positioned to bide our time in carefully finalising plans for this exciting city centre regeneration project and capitalise on the upturn in the market cycle."

Canningford House office scheme, 38 Victoria Street, Bristol

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