Terrace Hill expands food stores portfolio

Terrace Hill Group has further expanded its food stores development portfolio with the exchange of contracts to buy the Longfield shopping precinct. The property developer and investment group acquired an option to buy Longfield with a view to transform it through a food store-led retail redevelopment scheme in joint venture with Altrincham-based property company Hollins Murray Group, the site’s current owners.

The site has planning permission for a mixed-use redevelopment. The acquisition is subject to a change in the current planning as well as Terrace Hill securing a pre-let for the food store element of the scheme.

Terrace Hill also exchanged on a seven-acre development site in Herne Bay, Kent, where it also intends to develop a food store. The site covers seven acres next to the Altira Park industrial and office centre. Completion of this acquisition is conditional on planning permission and securing a pre-let with detailed planning applications expected early in 2012.